RioCan Real Estate Investment Trust has acquired a portfolio of three new format retail shopping centers in Quebec, which will comprise more than 1.9 million square feet of newly constructed retail space.
The transaction is being completed in stages and RioCan has now completed the acquisition of 620,000 square feet for a purchase price of $113 million, the company said.
Acquisitions of an additional 500,000 square feet are expected over the next two years as construction is completed. The user-owned shadow anchors, which aggregate approximately 800,000 square feet, are already completed.
Mega Centre Notre Dame in Laval will comprise 700,000 square feet anchored by (user-owned) retailers Super C (Metro Richelieu) and Zellers. National tenants include Winners, HomeSense, Mexx, Blockbuster, Guess, Tristan, Penningtons and Fairweather. An additional 326,000 square feet will be completed and acquired by RioCan over the next two years such that RioCan’s owned interest will be more than 500,000 square feet.
Mega Centre Lebourgneuf in Quebec City will total 870,000 square feet anchored by (user-owned) retailers Costco, Home Depot, Canadian Tire and Loblaws. National tenants include Aubainerie, Winners, HomeSense, Sports Experts, Staples/Business Depot, Tommy Hilfiger, Tristan, Jacob, Aldo, La Vie en Rose, Reitmans and Moores. An additional 165,000 square feet will be completed and acquired by RioCan over the next two years, making RioCan’s owned interest more than 455,000 square feet.
Mega Centre Beauport in Quebec City will comprise 330,000 square feet anchored by (user-owned) retailer Reno Depot. National tenants include Cineplex Odeon, Staples/Business Depot, Sports Experts, Addition Elle and Burger King. An additional 23,000 square feet will be completed and acquired by RioCan over the next two years, making RioCan’s owned interest more than 165,000 square feet.
In addition to the three shopping centers acquired, RioCan has entered into an agreement with the vendors to purchase a 50 percent interest and become equal partners in Quartiers 10/30 in Brossard, Quebec, which is currently under development. Upon expected completion in the fall of 2006, this property will comprise more than 1.38 million square feet of retail space, including shadow anchors.
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