Canada's largest REIT continues to make sizable retail acquisitions.
Toronto-based RioCan REIT announced Tuesday it has agreed to purchase a stake in four retail shopping centres in British Columbia and Alberta for $166 million. Under the deals expected to close at the end of the year, RioCan will purchase malls in Surrey, B.C., and Edmonton in joint ventures with CPP Investment Board and Sun Life, respectively.
RioCan will co-own Grandview Corners shopping Centre in Surrey and and the Edmonton West Retail Centre. The trust will hold 100% interests in retail centres in Lethbridge and Calgary.
“These four centres represent an excellent addition to RioCan's core portfolio and provide an opportunity to acquire a number of strategic assets while expanding our important relationships with CPPIB and Sun Life,” said Edward Sonshine, RioCan's president and CEO, in a news release.
With credit markets loosening, RioCan has arranged a five-year conventional first mortgage financing of $113 million whereby it will cover $94.5 million at a rate expected to be in the 5% range.
Last month, RioCan announced that it will spend $170 million on eight Canadian retail properties. The properties range from Ottawa to Winnipeg to Fort McMurray and offer a healthy 7.9 per cent cap rate.The move came after RioCan agreed to purchase seven grocery-anchored properties in the Northeastern U.S. as part a joint venture with U.S.-based Cedar Shopping Centers Inc. for $141 million.
Showing posts with label Alberta. Show all posts
Showing posts with label Alberta. Show all posts
Wednesday, December 2, 2009
Friday, October 9, 2009
Beedie named top Pacific entrepreneur
Commercial real estate developer Ryan Beedie has been named the Pacific region's Ernst & Young Entrepreneur of the Year.
"At a time when entire economies and industries are reeling from the financial crisis and recession, the need to innovate and be entrepreneurial has never been more urgent," said Fred Withers, director of the Ernst & Young Entrepreneur Of The Year Awards for the Pacific region, in a news release. "It's important we recognize these exemplary entrepreneurs like Ryan Beedie, who are driving our economy forward. Ryan has built his family's thriving business into a modern leader in real estate development."
Beedie is president and CEO of the family-owned and operated Beedie Group, the largest private land owner in B.C., which specializes in the design, construction and management of industrial and commercial buildings in Metro Vancouver and Alberta. The group's real estate portfolio comprises approximately six million square feet in primarily industrial buildings.
Beedie is also this year's business family category winner. His father Keith founded the 55-year-old group.
"This year's exceptional group of Entrepreneur Of The Year Award winners proves that passionate people who nurture good ideas can deliver solid results and returns over the long term," said Withers. "Entrepreneurs can follow Ryan Beedie's lead, and seize these daunting times as an opportunity to sharpen their focus, stand out from the crowd and move the markets forward. Even in the particularly hard-hit real estate industry, Ryan is making great strides and inspiring others to follow suit."
The news release also praised the Beedie family's charitable efforts. The Keith & Betty Beedie Foundation aids a number of health, education and other community initiatives, while Ryan Beedie's annual community service award benefits Simon Fraser University students.
He has also participated with and financially supported the Lions Gate Hospital Foundation, Family Services of the North Shore Foundation, and BC Children's Hospital.
"At a time when entire economies and industries are reeling from the financial crisis and recession, the need to innovate and be entrepreneurial has never been more urgent," said Fred Withers, director of the Ernst & Young Entrepreneur Of The Year Awards for the Pacific region, in a news release. "It's important we recognize these exemplary entrepreneurs like Ryan Beedie, who are driving our economy forward. Ryan has built his family's thriving business into a modern leader in real estate development."
Beedie is president and CEO of the family-owned and operated Beedie Group, the largest private land owner in B.C., which specializes in the design, construction and management of industrial and commercial buildings in Metro Vancouver and Alberta. The group's real estate portfolio comprises approximately six million square feet in primarily industrial buildings.
Beedie is also this year's business family category winner. His father Keith founded the 55-year-old group.
"This year's exceptional group of Entrepreneur Of The Year Award winners proves that passionate people who nurture good ideas can deliver solid results and returns over the long term," said Withers. "Entrepreneurs can follow Ryan Beedie's lead, and seize these daunting times as an opportunity to sharpen their focus, stand out from the crowd and move the markets forward. Even in the particularly hard-hit real estate industry, Ryan is making great strides and inspiring others to follow suit."
The news release also praised the Beedie family's charitable efforts. The Keith & Betty Beedie Foundation aids a number of health, education and other community initiatives, while Ryan Beedie's annual community service award benefits Simon Fraser University students.
He has also participated with and financially supported the Lions Gate Hospital Foundation, Family Services of the North Shore Foundation, and BC Children's Hospital.
Subscribe to:
Posts (Atom)
