RioCan REIT Acquires Yonge Eglinton Centre for $223M

RioCan Real Estate Investment Trust acquired the Yonge Eglinton Centre from Orto Estates Limited, YE Landhold Inc., Shipyec Inc. and Echogreen Investments Limited on January 31, 2007. The purchase price of $223 million was satisfied by assumption of mortgages, issuance of securities exchangeable for RioCan Units and cash.

Yonge Eglinton Centre is a leading 1,012,500 square foot mixed-use complex located at the northwest corner of Yonge Street and Eglinton Avenue in midtown Toronto. The property is comprised of two office towers, four levels of retail and an underground parking structure.

RioCan was represented by Fogler, Rubinoff LLP with a team that included Raymond Gelgoot, Bill Berger and Barbara Schechter. Goodmans LLP, represented by Sheldon Freeman and Brenda Gosselin, advised RioCan as to securities matters, while Ronald Wilson and Patrick Moyer of Davies Ward Phillips & Vineberg LLP provided advice on the tax structure of the transaction.

Robins, Appleby & Taub LLP acted on behalf of the vendors in structuring and completing the transaction with a legal team headed by Ronald Appleby, Q.C., with a real estate team of Gerald Taub, Q.C., Neill Kalvin and Peggy Spadafora, with Jonathan Zepp on corporate and securities matters and David Schlesinger and Errol Tenenbaum on tax matters.