TORONTO, ONTARIO--(CCNMatthews - Nov. 3, 2005) - RioCan Real Estate Investment Trust ("RioCan")(TSX:REI.UN) today announced that it has completed the acquisition of the lands for Summerside Shopping Centre in London, Ontario.
Summerside Shopping Centre comprises 31 acres and is located at the intersection of Commissioners Road and Highbury Avenue in the southeast quadrant of London. Upon full completion, this unenclosed shopping centre will total approximately 185,000 square feet of leasable area anchored by a national home improvement retailer (100,000 square feet), a national supermarket chain (45,000 square feet, tenant owned) and approximately 40,000 square feet of ancillary retail space. Servicing of the site will commence later this year with construction expected to begin in spring 2006 and to be completed by the fall of 2006.
Edward Sonshine, Q.C., President and CEO of RioCan, said, "Summerside is a newly developing area and RioCan is pleased to be constructing a shopping centre that will meet the growing needs of this community. We are gratified to be of service to our tenant customers, who are extremely interested in this growing neighbourhood, and look forward to providing a superior shopping centre environment for our customers and tenants to enjoy."
RioCan's purpose is to deliver to its unitholders stable and reliable cash distributions, which continuously increase over time. RioCan is Canada's largest real estate investment trust with a total market capitalization of approximately $6.3 billion. It has ownership interests in a portfolio of 198 retail properties, including ten under development, across Canada containing an aggregate of 46.5 million square feet, including partners' and shadow anchors' interests.
FOR FURTHER INFORMATION PLEASE CONTACT:
RioCan Real Estate Investment Trust
Edward Sonshine, Q.C.
President & CEO