Toronto, Canada - RioCan Real Estate Investment Trust recently acquired five Ontario shopping centers for $38.2 million from Ivanhoe Inc.
The centers, all of which are anchored by a national supermarket chain, contain a total of 500,000 sq. ft. of GLA. The centers are: Bamburgh Gardens, Markham Corners and Victoria Park Square, all in Toronto; and Miracle Plaza and 751 Upper James, both in Hamilton, Ontario.
The properties were acquired on an all-cash basis, with RioCan achieving an unlevered return of 11% on the portfolio.
Toronto-based RioCan is Canada's largest REIT, with total assets of approximately $2.3 billion. RioCan maintains ownership interests in a portfolio of 135 retail properties across Canada containing an aggregate of more than 20 million sq. ft. of GLA. Montreal-based Ivanhoe is a property management, development and investment firm with a large portfolio of Canadian shopping centers.