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RioCan, Allied Properties JV inks C$180M partial sale of Toronto project

RioCan RealEstate Investment Trust, AlliedProperties REIT and Diamondcorp agreed to sell the residentialcomponent of a Toronto project for approximately C$180 million.

Tridel Builders Inc. and Woodbourne Canada Partners III (CA)LP are the buyers.

The selling group acquired 7.67 acres of land on thenorthwest corner of Front St. West and Spadina Ave., for C$170 million in late2012 and early 2013. Plans for the mixed-use project, dubbed , include more than threemillion square feet of developments, according to the release.

The residential share of the development is expected to beapproximately 1.43 million square feet, with a mixture of condominiums andrental apartments. RioCan will retain a 50% stake in one of the rentalbuildings that has approximately 400,000 square feet of space, the release said.

Development is slated to commence in early 2017, and Trideland Woodbourne will participate in the construction. The RioCan venture is alsoworking to secure pre-leases for the office component of the project

The sale is scheduled for completion in early 2020 after thecompletion of the underground parking structure and building podiums, and uponrequisite land severances being granted.

"This is a solid step forward in the execution of oneof the largest and most important intensification projects in Downtown Toronto,"Allied Properties CEO Michael Emory said.