RioCan Real Estate Investment Trust (“RioCan”) and KingSett Real Estate Growth LP No. 4 (“KingSett”) entered into a 50/50 joint venture and completed the acquisition of the Sheppard Centre from The Standard Life Assurance Company of Canada (“Standard Life”) for a purchase price of $218 million.
Concurrent with the acquisition, RioCan and KingSett entered into a $135 million credit facility with The To-ronto-Dominion Bank.
The Sheppard Centre is an urban, mixed-use centre located at Yonge Street and Sheppard Avenue in the North York region of Toronto, which is one of only three major commercial complexes within the entire Greater Toronto Area located directly upon two subway lines.
The major tenants in the retail portion of the property are Cineplex, Winners, Shoppers Drug Mart, Bank of Montreal, CIBC, and TD Canada Trust. The major tenants in the office portion of the property are Bank of Montreal and Aon Hewitt.
The centre has three levels of underground parking that can accommodate more than 2,100 vehicles. Beyond the current retail and office uses, this property also has the potential for additional intensification through retail expansion and the addi-tion of a residential/condominium component.
RioCan was represented by McCarthy Tétrault LLP with a team consisting of Bram Green, Fred Rubinoff, Alysha Valenti, Caitlin Healy and Greg Barker. KingSett was represented by Bennett Jones LLP with a team consisting of Paul Mantini, Simon Crawford and Aleksandra Finelli.
Standard Life was represented by Marc Purdon, Legal Counsel and by Fogler, Rubinoff LLP with a team led by Alan Frank that included Jennifer Atkins-Mandel, Daliah Szechtman, Steven Cygelfarb (real estate and leasing); Bill Berger (competition) and Stephen Bernofsky (employment).
The Toronto-Dominion Bank was represented by Osler, Hoskin & Harcourt LLP with a team consisting of George Valentini and Stella Di Cresce.