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RioCan Closes on 227,000-SF Festival Hall Acquisition

TORONTO-The locally based REIT takes full ownership of the Downtown entertainment and retail complex here, paying $30.8 million for the 50% it didn't already own, and announces 62,000 sf of new leases that will bring the property to 100% occupancy.

By Brian K. Miller | Updated on January 28, 2004

TORONTO-The 227,000-sf Festival Hall retail and entertainment complex here is now 100% owned by RioCan, the country’s largest REIT. The locally based public company paid $30.8 million in cash and assumed debt for the 50% it didn’t already own.

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.

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