RioCan REIT to Sell its Stake in Quartier Dix/30

RioCan Real Estate Investment Trust is pleased provide an update on its disposition program.
 
RioCan has entered into a firm contract to sell its 50% share in Quartiers Dix/30, a 581,121 square foot new format retail property in Brossard, Quebec, to its partner Devimco at a sale price of $192.5 million, which equates to a capitalization rate of 5.35%. The partner will assume RioCan's share of the outstanding debt on the property, which amounts to $92.4 million and carries a weighted average interest rate of 4.8%. The outstanding debt has a weighted average term to maturity of approximately 3.7 years. The disposition is expected to be completed in the fourth quarter of 2013.
 
RioCan has also entered into a firm contract to sell The Brick Plaza, a 49,079 square foot non-grocery anchored retail centre in Windsor, Ontario at a sale price of $1.9 million. The property will be sold free and clear of financing. The disposition is expected to be completed in the fourth quarter of 2013.
On November 15, 2013, RioCan completed the sale of Coulters Mill, a 73,667 square foot non-grocery anchored retail centre in Thornhill, Ontario at a sale price of $20.5 million, which equates to a capitalization rate of 5.6%. The property has been sold free and clear of financing.
 
"The sale of these assets will allow RioCan to further de-lever its balance sheet while providing funding for its development and redevelopment program, which we believe will result in higher growth," said Edward Sonshine, Chief Executive Officer of RioCan.
 
 

on November 20, 2013