RioCan to sell 100 properties in smaller centres by 2019

Canada’s largest real-estate investment trust says it’s formulation to sell about $2 billion value of properties in smaller cities over a subsequent dual years.

RioCan Real Estate Investment Trust pronounced it will sell 100 properties, especially malls and energy centres in delegate cities in Ontario and Quebec, by late 2018 or 2019.

At a same time, it will double-down on investments in 6 vast centres that it sees as carrying expansion intensity — Toronto, Montreal, Ottawa, Calgary, Edmonton and Vancouver.

“We have always famous that a best assets, from a expansion perspective, are located where there’s race growth,” RioCan arch executive Edward Sonshine pronounced in a discussion call with analysts.

“In Canada, that race expansion is radically in a 6 vital markets of this country.”

Retail underneath pressure

The sale will revoke RioCan’s skill count, that stood during 299 in a second entertain of this year, during a time when sell properties are underneath vigour since of a disaster of Target and a intensity disaster of Sears.

Sonshine identified London, Collingwood, Renfrew, and Leamington, Ont., as markets where properties competence be sold, though pronounced serve sales competence come from Atlantic Canada, Alberta and British Columbia.

The names of properties to be sole won’t be identified until deals are finalized, RioCan said.

With some of a proceeds, it plans to buy behind RioCan units and deposit $300 to $400 million in incomparable cities.

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Article source: http://www.cbc.ca/news/business/riocan-selloff-planned-1.4316923?cmp=rss