On January 15, 2015, RioCan completed the acquisition of the remaining 50% interest in RioCan Leaside Centre, in Toronto, Ontario from Kimco Realty Corporation (“Kimco”). This 133,000 square foot new format centre is anchored by Canadian Tire. Other tenants include PetSmart, Pier One Imports, and Alexanian Carpet & Flooring. The property is very well located at the corner of Eglinton Avenue and Laird Avenue along the Eglinton Light Rail (“LRT”) line, currently under construction. The site is planned to host a secondary entrance to the LRT stop at the southeast corner of Eglinton Avenue and Laird Avenue. The 50% interest in the centre was acquired from Kimco at a purchase price of $31.5 million, which equates to a capitalization rate of 5.5%. RioCan assumed Kimco’s $16.5 million interest in the debt on the property, which carries an interest rate of 3.3% and matures in 2017.
Rio.Can pays $31.5 million for rest of Leaside Ctr
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The Rio-Can REIT, known as Rio.Can, purchased the outstanding 50 percent of the Leaside Centre at Eglinton Ave. E. and Laird Drive last week. The following statement is of interest but makes no reference to plans to redevelop the centre.
