RioCan JV To Pay $218M For Toronto Property

RioCan Real Estate Investment Trust and KingSett Capital are jointly purchasing Sheppard Centre, comprising retail, office and residential units, from Standard Life.

RioCan Real Estate Investment Trust and KingSett Capital are jointly purchasing Sheppard Centre, comprising retail, office and residential units, from Standard Life, Canadian Business reports. The partners will pay $218 million for the property which they will own equally.

The centre, located in north Toronto, is rented out to Cineplex, Winners, Shoppers Drug Mart, Bank of Montreal, CIBC and TD Canada Trust among others. RioCan owns and runs shopping malls in Canada and has stakes in 314 retail properties in Canada and the U.S. KingSett, a private equity real estate investment firm, manages assets worth more than $3.5 billion.

Click here for the story from Canadian Business.