Shopping mall owner RioCan Real Estate Investment Trust says it has agreed to acquire a 10-property portfolio located in central and eastern Canada in a joint venture deal valued at $156 million.The portfolio will be acquired on a 50-50 basis with U.S.-based Kimco Realty Corp. through the creation of a second joint venture partnership, RioKim II.
RioCan said Wednesday that under the non-exclusive partnership, the Canadian REIT will find, lease and manage properties in the joint venture and will be paid market fees for the services.
The portfolio includes retail centres in primary markets, including Montreal and Ottawa, and neighbourhood strip malls in Halifax, Gatineau, Que. and the Ontario communities of Hawkesbury, Belleville, Fergus, London and Chatham.
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