Press release from Marketwire
RioCan, Allied and Diamond Complete Second Acquisition in Toronto's Downtown West
Tuesday, April 30, 2013
RioCan, Allied and Diamond Complete Second Acquisition in Toronto's Downtown West18:52 EDT Tuesday, April 30, 2013
TORONTO, ONTARIO--(Marketwired - April 30, 2013) - RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN), Allied Properties Real Estate Investment Trust ("Allied") (TSX:AP.UN) and Diamond Corp. ("Diamond") have completed the acquisition of 410 Front Street West in Toronto (the "Property"), with each of RioCan and Allied having an undivided 40% interest and Diamond having an undivided 20% interest. The Property is comprised of approximately 1.2 acres of land on the northwest corner of Front and Spadina. It is adjacent to the 6.47 acres of land acquired late last year by RioCan, Allied and Diamond on the same proportionate basis. Together these two parcels, which comprise approximately 7.7 acres, represent one of the largest underdeveloped pieces of land in Toronto's downtown core.
RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $14.3 billion as at December 31, 2012. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 346 retail properties containing more than 82 million square feet, including 52 grocery anchored and new format retail centres containing 13.6 million square feet in the United States through various joint venture arrangements as at December 31, 2012. RioCan's portfolio also includes 11 properties under development in Canada. For further information, please refer to RioCan's website at www.riocan.com.
Allied is a leading owner, manager and developer of urban office environments that enrich experience and enhance profitability for business tenants operating in Canada's major cities. Its objectives are to provide stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth. For further information, please refer to Allied's website at www.alliedreit.com.
Diamond, a Toronto-based land development company maintains a strong commitment to developing high-quality, innovative and award-winning residential and mixed use projects. Diamond Corp has established itself as a leader in progressive city building in the Greater Toronto Area. As managers of the Whitecastle New Urban Fund and the more recently launched Whitecastle New Urban Fund 2, Diamond Corp is committed to the future of Canada's urban communities. For further information, please refer to Diamond Corp's website at www.diamondcorp.ca.
FOR FURTHER INFORMATION PLEASE CONTACT:
Edward Sonshine O.Ont., Q.C.
Chief Executive Officer
President and CEO