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RioCan-Trinity JV Spending $253M on Five Retail Centers

TORONTO-A joint venture of two locally based companies, RioCan REIT and Trinity Development Group, has commenced on the development of five shopping centers totaling 2.1 million sf in Ontario and Alberta.

By Brian K. Miller | Updated on September 13, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

TORONTO-RioCan REIT and its long-time JV partner Trinity Development Group are in the process of developing five shopping centers in Ontario and Alberta at a cost of $253 million. All of the centers, four in Ontario and one in Alberta, are either under construction or about to break ground.

The centers total 2.1 million sf, including about 800,000 sf of retailer-owned anchor space. As part of the JV agreement, RioCan will provide all management and leasing services for these shopping centers upon their completion. RioCan estimates these developments in the aggregate will produce an unlevered return of approximately 9.8%.

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