RioCan Real Estate Investment Trust (“RioCan”) completed the acquisition of a portfolio of five shopping centres located in the Province of Ontario from Runnymede Development Corporation Limited (“Runnymede”) for a total purchase price of approximately $91 million.
The portfolio consisted of Ajax Marketplace in Ajax; Glendale Marketplace in Pickering; Victoria Crossing Marketplace in Toronto; Spring Farm Marketplace in Vaughan; and Dundas/427 Marketplace in Mississauga. The portfolio totalled approximately 360,608 square feet.
The purchase price was satisfied by the assumption of mortgages and the issuance of limited partnership units of a newly created limited partnership subsidiary of RioCan, which limited partnership units are exchangeable into trust units of RioCan.
RioCan was represented by Fogler Rubinoff LLP, with a team including Raymond Gelgoot, Leneo Sdao and Avi Sugar (real estate).
RioCan was also represented by Ronald Wilson (tax) of Davies Ward Phillips & Vineberg LLP and by Brenda Gosselin (securities) of Goodmans LLP.
Runnymede was represented in-house by its general counsels, Patrick Bradley and Reuben Rosenblatt, and by Davies Ward Phillips & Vineberg LLP, with a team including Gregory Howard, Steven Martin and David Reiner (real estate); John Ulmer and Elie Roth (tax) and Mindy Gilbert and Michael Jemczyk (securities).