RioCan Acquires Kimco’s Interest In 2 Malls

RioCan REIT has acquired Kimco Realty Corp’s 50% interest in two properties held in the RioKim JV: Grand Park in Mississauga (above) and Calgary's Brentwood Village. The $87.5M deal closes today. In turn, RioCan is selling Kimco its 80% interest in Montgomery Plaza, a Fort Worth, TX, mall currently held in a JV. The acquisition of RioCan Grand Park and Brentwood Village will provide RioCan more flexibility to manage “potential future intensification” on both sites, RioCan CEO Edward Sonshine notes. And by selling its only co-owned, non-managed U.S. property, RioCan will own and operate 100% of its US portfolio.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Toronto Newsletters
Related Stories

Wereldhave Sells €63M Shopping Center To French Investor

Banks Are Manhattan's Latest Hot Retail Tenant

GGP To Redevelop Former Dick's Sporting Goods Store At Frisco's Stonebriar Centre

From Pandemic Darling To Cautionary Tale: Pickleball Clubs Face A Reckoning After Betting Big On Retail Space

Gwinnett Mall Project Stands To Benefit From Georgia's Opportunity Zone Picks

JLL: Holiday Spending To Rise Nearly 10%, But Shoppers Aren't Splurging On Gifts

Philly Restaurant Operators Avoid Percentage Rent, Tenant Improvement Deals

Kroger Plans 3 New Store Formats, 110 New Locations In Bid To Boost Sales

Food Hall Planned Near Broncos' Burnham Yard Stadium Site

Next Phase Of Amsterdamse Poort Redevelopment Kicks Off

Site Centers To Stop Trading As It Winds Up Operations

Los Angeles Trials Its Own Vacant To Vibrant Program