RioCan Real Estate Investment Trust (RioCan) and Concert Real Estate Corp. have signed an agreement for Concert’s purchase of 50 percent in Toronto’s Sunnybrook Plaza development for $26.3 million.
RioCan, which has received approval for its Sunnybrook Plaza development plans, said it will build a “transit-oriented” development adjacent to the station on the Eglinton Crosstown LRT project currently underway. The company announced the project will consist of a 16- and 11-storey mixed use, 375,000 square foot residential and retail space.
“When complete, we will have one of, if not, the best portfolio of newly developed urban transit-oriented mixed use properties that will be the foundation for the next twenty years of growth at RioCan,” RioCan’s CEO Edward Sonshine said in a press release. “Our agreement with Concert brings to the table a terrific partner with nearly 30 years of experience developing apartments, condominiums and other commercial properties with an excellent property management platform that will ensure the success of this exciting mid-town Toronto development."
RioCan, one of Canada’s largest real estate investment trusts, has a total enterprise value of $14.6 billion as of March. The trust has ownership interests in 300 Canadian retail and mixed-use properties.
Concert, founded in 1989, has operations throughout Canada and develops rental apartment, condo and retirement communities as well as acquires office, industrial and infrastructure properties.