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RioCan REIT buys half stake in Toronto mixed-use property

RioCan Real Estate Investment Trust purchased a 50% co-ownership stake in an urban mixed-use property in Toronto for C$27.1 million.

The property at 2323 Yonge St. consists of an eight-story office building, with street-front retail leased to national tenants. It has 67,400 square feet of fully leased commercial space.

The Canadian REIT, which specializes in retail-focused and increasingly mixed-use properties, said the asset is co-owned in a 50/50 joint venture with specialized real estate investor and developer Streamliner Properties Inc.