RioCan Realizes Density Value Through New Joint Venture Partnerships and Provides Update on RioCan Living Projects
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Tuesday, August 11, 2020
An ownership agreement was established with a new partner, Maplelands Development Inc. (Maplelands), marking its first Canadian venture.
Key Points:
- An ownership agreement was established with a new partner, Maplelands Development Inc. (Maplelands), marking its first Canadian venture.
- This is $11.6 million above carrying value of which approximately $10.5 million will be recognized as inventory gains in the third quarter of 2020.
- The site is in close proximity to the Lawrence West TTC station, Yorkdale Shopping Centre, Allen expressway and Highway 401.
- RioCan and Killam also have a 50/50 joint venture for the mixed-use development of Charlottetown Mall in Charlottetown, Prince Edward Island, which has the potential for residential density.