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RioCan REIT sells 50% interest in Mississauga, Ontario, property

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RioCan REIT sells 50% interest in Mississauga, Ontario, property

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.