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RioCan details progress on asset sales


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RioCan details progress on asset sales

In keeping with its announced strategy of refocusing its portfolio on Canada's six major markets, retail-focused RioCan Real Estate Investment Trust agreed to sell four properties in Flamborough, Guelph and Orangeville in Ontario and Duncan in British Columbia for C$216.9 million and two properties in Kelowna and Vernon in British Columbia for C$85.0 million.

The company also signed three conditional agreements to dispose of five assets in Ontario and Quebec for an aggregate C$58.0 million. It sold a 50% stake in an asset in Fredericton, New Brunswick, in December 2017 to the property's joint owner for C$10.0 million.

The agreed deals are expected to close by the end of the second quarter. Assuming they close as scheduled, the company will have accomplished about 28% of its disposition target by sales proceeds.

RioCan bought a 10% stake in a development named E2 Condos, located adjacent to its housing rental project at the northeast corner of Yonge and Eglinton in Toronto. It plans to spend C$3.0 million in total on the project and participate in project profits and earn fees for easement rights.