Canada-based RioCan Real Estate Investment Trust is officially entering the residential market with the launch of its new brand, RioCan Living.
RioCan Living will target certain shopping center properties for redevelopment as mixed-use communities.
The retail-focused REIT said in a release that it has identified 43 projects within its portfolio as mixed-use opportunities that could deliver more than 20,000 residential units, including rental apartments and condominiums, in Canada's six major markets.
The company noted that it has eight projects comprising roughly 2,800 units that are undergoing or expected to commence construction, with the first deliveries slated for the first quarter of 2019. Six of the projects actively under development are in Toronto.
RioCan said nearly half of its 43 identified projects have been approved for zoning, while an additional 21% have zoning approvals submitted. These include 13 additional projects in the Greater Toronto area.
In October 2017, RioCan announced plans to sell more than 100 properties over the coming two to three years as part of efforts to focus its portfolio on Canada's six major markets.
