RioCan Real Estate Investment Trust Announces Completion of Acquisition of Six Property Grocery
in Real Estate
Overview
Date: 03/19/2009 - 03/24/2010
Toronto, OntarioContact Information
Website: http://www.msnbc.msn.com/id/29720796/
Description
Montreal area totaling approximately 454,000 square feet, as previously announced on January 22, 2009. The purchase price for the portfolio was $67.5 million.
In connection with the purchase, RioCan jointly acquired four of the properties with a private investor on a 50-50 basis. As a result, RioCan's interest in the properties is 332,000 square feet and its net purchase price is $47.5 million.
Concurrent with the closing, RioCan arranged financing on two of the properties that were jointly acquired, totaling approximately $13.8 million at an average interest rate of 6.91% for ten-year terms. RioCan expects to finalize financing commitments for the remaining four properties shortly.
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