RioCan Real Estate Investment Trust sold a 50% stake in more than 2 acres of a discreet portion of its Sandalwood Square property in Mississauga, Ontario, for C$14.9 million.
The company said in its latest earnings release that the buyer was an existing partner.
The shopping center landlord noted that it has submitted a rezoning application to build a 25-story mixed-use building on the transit-oriented site, including 470 residential rental units, with zoning approvals expected in early 2020.
