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RioCan, Plaza Retail REIT Form JV To Redevelop Ontario Malls

RioCan REIT and Plaza Retail REIT have formed a 50/50 JV to redevelop RioCan properties in Ontario (Cornwall’s 177k SF Eastcourt Mall, seen above, and 159k SF Timiskaming Square in New Liskeard) and in New Brunswick (158k SF Northumberland Square). RioCan sold Plaza a 50% managing interest in the three properties for $11.5M. Plaza will manage the three assets and oversee redevelopment efforts for the JV, allowing RioCan to concentrate on its urban intensification-focused development strategy in Canada's six major markets, said CEO Edward Sonshine.

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