The acquisitions of Burlington Mall, Oakville Place, and South Cambridge Centre were completed as part of the H&R REIT and KingSett Consortium acquisition of Primaris REIT.
Acquisitions Under Contract (Firm)
RioCan currently has two income properties in Canada under contract where conditions have been waived that, if completed, represents $68 million of acquisitions at RioCan's interest, at a weighted average capitalization rate of 5.4%.
In Canada, RioCan has waived conditions pursuant to a purchase and sale agreement with respect to two properties as follows:
-- The May 2, 2013 acquisition of an additional 35.2% interest in Shoppers City East Shopping Centre in Ottawa, Ontario at purchase price of $10 million, which equates to a capitalization rate of 5.6%. In the fourth quarter of 2012, RioCan acquired an initial 27.6% interest in this property and upon completion of the additional 35.2% interest, RioCan will hold a 62.8% interest in the property. Shoppers City East is a 148,000 square foot non grocery anchored retail shopping centre anchored by Shoppers Drug Mart. Other notable tenants include Staples and Giant Tiger. The site area is 19.4 acres and has the potential for redevelopment. This acquisition is expected to close during the second quarter of 2013.-- 1860 Bayview Avenue is a development site located at the northwest corner of Bayview Avenue and Broadway Avenue in the Leaside area of Toronto. Trinity Development Group is currently developing a grocery- anchored centre on the site, and RioCan will acquire the site on a forward purchase basis at a purchase price of $58 million, at a capitalization rate of 5.4%. Once completed, the centre will consist of approximately 74,220 square feet of retail space and will be anchored by a 50,200 square foot Whole Foods.
Acquisitions Under Contract (Conditional)
RioCan has $27 million of income property acquisitions (at RioCan's interest) under contract where conditions have not yet been waived. These transactions are in various stages of due diligence and while efforts will be made to complete these transactions, no assurance can be given.
RioCan is currently in negotiations regarding property acquisitions in Canada and the US that, if completed, represent approximately $25 million of additional acquisitions at RioCan's interest (calculated taking into account the US dollar transactions at an exchange rate of par). These transactions are in various stages of negotiations and while efforts will be made to complete these negotiations, no assurance can be given.
During the three months ended March 31, 2013, RioCan completed the disposition of St. Clair Beach Shopping Centre, a 76,000 square foot retail centre located in Windsor, Ontario, at a sales price of $10.5 million.
Subsequent to the quarter, RioCan completed the disposition of RioCan Centre Thunder Bay, a 334,000 square foot retail centre located in Thunder Bay, Ontario, at a sales price of $62.8 million. The property had approximately $11 million of debt associated with it at the time of sale, which was assumed by the purchaser.
RioCan has three property dispositions under firm contracts where conditions have been waived pursuant to purchase and sale agreements at an aggregate sales price of $301.0 million. Subsequent to the quarter end, RioCan has discharged one mortgage of approximately $59 million associated with these properties, resulting in remaining debt of approximately $55.9 million, which will be assumed by the purchaser. The properties have a gross leasable area of 1.25 million square feet.