Toronto, ON (PRWEB) October 8, 2010
Mr. Harold Spring President and CEO of Bayfield Realty Advisors Inc. (Bayfield) today announced that together with its joint venture partner Rio Can Real Estate Investment Trust (Rio Can), it has completed the acquisition of Niagara Square Shopping Centre, a 391,700 square foot enclosed shopping centre located in Niagara Falls Ontario for the price of $48,000,000. It is anchored by a 45,854 square foot Cineplex theatre complex and a 31,967 square foot Winners. Other national tenants include Sport Chek, Future Shop, Jysk, The Brick and Michaels. Bayfield will acquire a 70% interest in the property which it will own in partnership with Rio Can. RioCan is acquiring an additional 15% interest in the property, which was previously owned on a joint venture basis in RioCan’s RRVP partnership. RioCan’s total ownership interest will be 30%. RioCan will continue to serve as the property manager for the property.
In more exciting news, Bayfield Realty Advisors Inc. (Bayfield) today also announced that it has sold Wharncliffe Shopping Centre, a 60,000 square foot grocery anchored strip shopping centre located in London Ontario to Rio Can Real Estate Investment Trust. The centre was 100% leased and national tenants of the centre included No Frills, CIBC and Tim Hortons. The centre provided an excellent safe and consistent return on investment during Bayfield’s period of ownership and the sale price obtained reflected an appropriate and satisfactory gain over Bayfield’s original investment. The property was sold on the basis of Bayfield’s belief that the funds realized from the sale could be utilized to acquire properties which would generate a greater return to Bayfield’s investors than that which could be realized in maintaining ownership of the centre.
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