RioCan continues to buy retail properties

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.

League appoints former Cadillac Fairview executive as CFO

League Assets Corporation has hired a new chief financial officer.
Patrick Miniutti joins Victoria-based League after serving as managing director of real estate and financial and management advisory services firm Sunset Real Estate Services. He has also held vice-president and CFO, chief operating officer and chief accounting officer posts with Konover Property Trust, Crown American Realty Trust served as executive vice-president, CFO and chief operating officer with Konover Property Trust, Crown American Realty Trust and Cadillac Fairview Corp.
"We're delighted to have someone of Patrick's caliber and experience joining us," said League co-founder Emanuel Arruda in a news release. "He adds depth to the League team that will help us expand in the coming years."
Miniutti will work extensively with League's other co-founder, Adam Gant.
"I look forward to establishing a close working relationship with Patrick," said Gant. "Certainly, League will benefit from his background in accounting and tax, as well as in capital markets and real estate, including acquisitions and asset management."
Miniutti, a certified public accountant who holds accounting and MBA degrees from the University of Bridgeport and Michigan State, respectively, will work out of League's Victoria office.
League manages the IGW REIT, which contains a portfolio of Canadian commercial, industrial, multi-family residential properties valued at approximately $300 million. The REIT acquires and manages commercial real estate properties on behalf of 1,700 member-partners.
Taking its other investment pools into account, Leagues is manaing and developing assets that have a total build-out value of $2 billion.