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RioCan, which owns properties in P.E.I., selling 100 assets

RioCan owns several properties in Prince Edward Island, including the Charlottetown Mall.
RioCan owns several properties in Prince Edward Island, including the Charlottetown Mall.

The company that owns the Charlottetown Mall is planning to sell off about 100 properties across the country valued at more than $2 billion over the next two to three years to focus on markets in Canadas six major cities.

But a company spokesperson for RioCan Real Estate Investment Trust (RioCan) said details regarding the impact on the Charlottetown Mall werent being released at this time.

“It is business as usual at the Charlottetown Mall. As we are at the early stages of a two to three year process we are not providing details about the individual properties at this time,” said Christian Green in an email.

“We will have more information as the sales process unfolds, and we will update our stakeholders in the communities we serve accordingly.”

According to press release, the sale of the estimated 100 properties is expected to generate $1.5 billion in net revenue. Once the sales are complete and $300 to $400 million reinvested annually, the company expects rental revenue from the six major markets (Toronto, Ottawa, Montreal, Vancouver, Edmonton and Calgary) to increase from 75 per cent to 90 per cent.

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