RioCan acquired its initial 50% interest in the Downtown property in October 1999 and has been managing the property since May 2003. As part of the acquisition, RioCan assumed mortgage debt of approximately $21.6 million.
The property is anchored by a 14-screen Famous Players Paramount movie theater. Other tenants include Chapters, Milestone's Bar & Grill and an upscale Cara-owned restaurant, and two new tenants in the offing.
RioCan says Magicorp, the publicly traded developer or nightclubs and entertainment centers, has agreed to lease 52,000 sf for its second "Lucid" location, a real time digital music and sports entertainment center that will feature large screens, music entertainment, multiple bars, dancing, food and interactive games. Lucid is expected to open in spring 2004.
As well, RioCan has conditionally agreed to lease another 10,000 sf to a new nightclub called Eden, which is expected to open in summer 2004. Upon commencement of the new leases, the property will be 100% occupied for the first time in its history.
RioCan is Canada's largest real estate investment trust with total assets in excess of $3.7 billion. It has ownership interests in a portfolio of 170 retail properties across Canada containing an aggregate of well over 33 million sf.
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