RioCan Real Estate Investment Trust has announced buoyant growth of 17% in operating funds from operations in first half of 2013 In its statement Wednesday morning RioCan, headquartered at Yonge St. and Eglinton ave. W., noted that it is still on track to purchase the development at 1860 Bayview Ave. at Broadway Ave. The statement says that Kingsett and Trinity Development Group “are currently developing a grocery-anchored centre on the site, and RioCan will acquire the site on a forward purchase basis in phases at an approximate purchase price of $58 million, at a capitalization rate of 5.4%. Once completed, the centre will consist of approximately 74,220 square feet of retail space and will be anchored by a 50,200 square foot Whole Foods. The initial acquisition is expected to close during the third quarter of 2013, with the remaining portions to be paid on an earn-out basis upon completion of the project.”
