RioCan Real Estate Investment Trust

RioCan Real Estate Investment Trust

September 12, 2005 09:34 ET

RioCan Real Estate Investment Trust Announces $45 Million Development In Milton

TORONTO, ONTARIO--(CCNMatthews - Sept. 12, 2005) - RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced that it has commenced development of RioCan Centre Milton in Milton, Ontario. Strategically located in the Greater Toronto Area ("GTA"), Milton is only 60 kilometres from downtown Toronto and is easily accessible from Highways 401, 407 and 25.

RioCan Centre Milton, with its exceptional visibility and access, comprises 31 acres and is located at the southwest corner of Highway 401 and Steeles Avenue East. The site is already 80% pre-leased and upon full completion, this new format retail centre will total approximately 300,000 square feet of leasable area anchored by Home Depot and a national supermarket chain (both tenant owned), and Galaxy Cinemas. The centre will also feature a strong mix of national and regional tenants including The Beer Store, Boston Pizza, Casey's, Super Cuts and two Canadian chartered banks. Construction is underway and store openings will be phased-in beginning Spring 2006.

Edward Sonshine, Q.C., President and CEO of RioCan, said, "We are pleased to be adding another prominent GTA location to our existing portfolio. Development of this greenfield site by RioCan is an excellent example of RioCan's ongoing strategy of creating new income flows while at the same time enhancing the quality of our portfolio, all at a cost far lower than available by way of purchase."

About RioCan

RioCan's purpose is to deliver to its unitholders stable and reliable cash distributions, which continuously increase over time. RioCan is Canada's largest real estate investment trust with total assets of approximately $4.2 billion. It has ownership interests in a portfolio of 198 retail properties, including eight under development, across Canada containing an aggregate of 46.5 million square feet, including partners' and shadow anchors' interests.

Contact Information

  • RioCan Real Estate Investment Trust
    Edward Sonshine, Q.C.
    President & CEO
    (416) 866-3018