RioCan, KingSett Buy Toronto Property For $219M

Law360, New York (October 27, 2011, 5:01 PM EDT) -- Real estate investment trust RioCan will join with Canadian private equity firm KingSett Capital to purchase the Sheppard Centre, a 673,000-square-foot mixed use property in Toronto, from the Standard Life Assurance Co. of Canada for CA$218 million (US$219 million), RioCan said Thursday.

Toronto-based RioCan said it would purchase the property on an equally split joint venture basis with KingSett Capital, on behalf of KingSett's Real Estate Growth LP No. 4 fund. The property would be acquired free and clear of financing, RioCan said.

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