RioCan REIT Acquires Two Malls for $82M

TORONTO-RioCan Real Estate Investment Trust has paid $82 million for 658,000-sf of retail space in two malls, the 218,900-sf West Ridge Place in Orillia, Ontario and the 437,500-sf Southland Mall in Regina, Saskatchewan. The separate transactions included the assumption of $35.4 million in two mortgages carrying undisclosed interest rates. The malls have a combined vacancy rate of less than 3%.

RioCan is Canada’s largest real estate investment trust with total assets in excess of $3.6 billion. It has ownership interests in a portfolio of 165 retail properties across Canada containing an aggregate of about 32 million sf. The sellers of the two malls were not identified in a RioCan announcement and a source at RioCan did not return a phone call on Monday seeking further comment.