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RioCan Gets Busy in Alberta

TORONTO-The locally based retail REIT acquires land for development of a 500,000-sf retail center in Edmonton and agrees to acquire an existing 283,000-sf retail center in Calgary. In addition, RioCan recently acquired an urban retail development site in Downtown Toronto.

By Brian K. Miller | Updated on January 18, 2006

TORONTO-RioCan has been busy in Alberta lately. The locally based retail REIT recently acquired 49 acres in Edmonton for a major retail development and has agreed to acquire an existing retail center in Calgary.

The Edmonton land, located at the intersection of 17th Street and Whitemud Drive, will be home to a 500,000-sf retail center. The property will be ghost anchored by Real Canadian Superstore (160,000 sf, tenant-owned) and Home Depot (100,000 sf, land lease) and include an additional 240,000 sf of shop space.

The development will be called RioCan Centre Edmonton. Site work has commenced and construction is anticipated to begin in spring 2006. Store openings will be phased in beginning fall 2006.

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