Canadian shopping center real estate investment trust RioCan REIT agreed to sell a 50% stake in an approximately 1.45-acre portion of the Elmvale Acres Shopping Centre in Ottawa to multifamily REIT Killam Apartment REIT for C$3.7 million.
RioCan has a zoning approval for a mixed-use development on the property. The approved plan for the site includes about 450,000 square feet of residential net leasable area, or 570 residential rental units, and approximately 123,000 square feet of at-grade retail net leasable area.
RioCan said the transaction is related to the first phase of the five-phase project, which is set to close in mid-2020 once severance of the land is secured. The first phase will include 168 residential rental units and about 11,000 square feet of at-grade retail net leasable area.
