RioCan Real Estate Investment Trust
TSX : REI.UN

RioCan Real Estate Investment Trust

July 10, 2007 09:06 ET

RioCan Real Estate Investment Trust Announces Firm Agreement With Wal-Mart Canada Corp. to Join Quartier DIX30

TORONTO, ONTARIO--(Marketwire - July 10, 2007) - RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced that it has completed a sale of about 17.5 acres of land to Wal-Mart Canada Corp. ("Wal-Mart") whereby Wal-Mart will join Quartier DIX30, Canada's first lifestyle centre located in Brossard, Quebec. Featuring over 180,000 square feet, Wal-Mart will be located on the north end of the project. Site work is expected to commence shortly.

RioCan and Devimco Inc. ("Devimco") are 50/50 owners and RioCan is the manager of Quartier DIX30. Upon full completion, the centre will comprise over 1.9 million square feet of retail space and boast over 200 stores and services. It will be home to a variety of anchors such as Loblaws and RONA (both retailer owned), Canadian Tire, Cineplex Odeon, Winners, HomeSense, Staples/Business Depot and Indigo, as well as Hotel Alt, an avant garde boutique hotel designed by the Germain Group, a 900-seat live theatre and concert hall, a spa and gym, plus Canada's top fashion retailers and restaurants.

Since September 2006, the development has phased in a number of openings, and now over 100 stores and services are open. The centre creates an intimate, neighbourhood-like feeling within a world-class shopping and entertainment district on the south shore of Montreal. Additional openings scheduled for the remainder of 2007 include Hotel Alt, Staples/Business Depot, Future Shop, SAQ, Canadian Tire, RONA, a spa and gym, along with several fashion retailers and restaurants. The live theatre and concert hall is expected to open in 2008.

Edward Sonshine, Q.C., President and Chief Executive Officer of RioCan, said, "We are pleased to have Wal-Mart join the already outstanding lineup of retailers at Quartier DIX30. Devimco has been responsible for the development and leasing plan since the centre's inception and has created a one-of-a-kind shopping experience. We look forward to working with them on this project as owners and managers of the centre."

About RioCan

RioCan is Canada's largest real estate investment trust with a total market capitalization of approximately $8.4 billion. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 206 retail properties, including 8 under development, containing an aggregate of almost 52 million square feet. For further information, please refer to RioCan's website at www.riocan.com.

Contact Information

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