Allied Properties Real Estate Investment Trust
(“Allied”)(TSX:AP.UN) and RioCan Real Estate Investment Trust
(“RioCan”)(TSX:REI.UN) today announced that the office component of
The Well is now 98% leased to 15 knowledge-based organizations. A
leading technology organization has agreed to lease 89,964 square
feet of GLA for a term of 12 years commencing November 1, 2023,
leaving 29,886 square feet of GLA comprising a single floor to be
leased. The organization selected The Well with a view to
attracting, motivating and retaining the talent necessary to propel
its successful and growing technology business.
“This is an important milestone in completing
the premiere mixed-use urban development in Toronto,” said Michael
Emory, Allied’s President and CEO. “The Well has become a
large-scale success for all concerned, one that’s reshaping
Toronto’s Downtown Core and propelling the King & Spadina
neighbourhood to even greater ascendency.”
Allied and RioCan also announced that the retail
component of The Well is now 66% leased to 41 retail users. As
construction nears completion, the retail leasing effort is
accelerating in a manner fully consistent with the urban
merchandising plan envisaged by Allied and RioCan. The retail
component of The Well is scheduled for grand opening in
mid-2023.
Each of Allied and RioCan owns an undivided 50%
interest in the commercial component of The Well. The commercial
component is comprised of the following:
(i) |
1,168,000 square feet of office GLA; |
(ii) |
320,000 square feet of retail GLA; |
(iii) |
677 underground commercial parking spaces; |
(iv) |
significant third-party digital signage on the northwest corner of
Front & Spadina; and |
(v) |
the energy-storage facility necessary to extend Enwave’s heating
and cooling network to Toronto’s Downtown West. |
The office component of The Well is registered
under the LEED® green building rating system and is targeting
a LEED® Platinum certification. It will include best-in-class
operational, environmental, life-safety and health and wellness
systems.
About Allied
Allied is a leading operator of distinctive
urban workspace in Canada’s major cities and network-dense UDC
space in Toronto. Allied’s mission is to provide knowledge-based
organizations with workspace and UDC space that is sustainable and
conducive to human wellness, creativity, connectivity and
diversity. Allied’s vision is to make a continuous contribution to
cities and culture that elevates and inspires the humanity in all
people.
About RioCan
RioCan is one of Canada’s largest real estate
investment trusts. RioCan owns, manages and develops
retail-focused, increasingly mixed-use properties located in prime,
high-density transit-oriented areas where Canadians want to shop,
live and work. As at March 31, 2022, our portfolio is comprised of
204 properties with an aggregate net leasable area of approximately
36.2 million square feet (at RioCan's interest) including office,
residential rental and 13 development properties. To learn more,
please visit www.riocan.com.
Cautionary Statements
Allied
This press release may contain forward-looking
statements with respect to (i) Allied, (ii) its operations,
strategy, financial performance and condition and (iii) the closing
and expected impact of the transactions contemplated in this press
release. These statements generally can be identified by use of
forward looking words such as “may”, “will”, “expect”, “estimate”,
“anticipate”, “intends”, “believe” or “continue” or the negative
thereof or similar variations. The actual results and performance
of Allied discussed herein could differ materially from those
expressed or implied by such statements. Such statements are
qualified in their entirety by the inherent risks and uncertainties
surrounding future expectations, including that the transactions
contemplated herein are completed and have the expected impact on
funding and earnings. Important factors that could cause actual
results to differ materially from expectations include, among other
things, general economic and market conditions, competition,
changes in government regulations and the factors described under
“Risk Factors” in Allied’s Annual Information Form, which is
available at www.sedar.com. These cautionary statements qualify all
forward-looking statements attributable to Allied and persons
acting on Allied’s behalf. Unless otherwise stated, all
forward-looking statements speak only as of the date of this press
release and the parties have no obligation to update such
statements.
Cautionary Statements
RioCan
This News Release contains forward-looking
information within the meaning of applicable Canadian securities
laws. This information reflects RioCan’s objectives, its strategies
to achieve those objectives, as well as statements with respect to
management’s beliefs, estimates and intentions concerning
anticipated future events, results, circumstances, performance or
expectations that are not historical facts. Forward-looking
information generally can be identified by the use of
forward-looking terminology such as “outlook”, “objective”, “may”,
“will”, “would”, “expect”, “intend”, “estimate”, “anticipate”,
“believe”, “should”, “plan”, “continue”, or similar expressions
suggesting future outcomes or events.
Such forward-looking information reflects
management’s current beliefs and is based on information currently
available to management. All forward-looking information in this
News Release is qualified by these cautionary statements.
Forward-looking information is not a guarantee
of future events or performance and, by its nature, is based on
RioCan’s current estimates and assumptions, which are subject to
numerous risks and uncertainties, including those described in the
“Risks and Uncertainties” section in RioCan's MD&A for the
three months ended March 31, 2022 and in its most recent Annual
Information Form, which could cause actual events or results to
differ materially from the forward-looking information contained in
this News Release.
Although the forward-looking information
contained in this News Release is based upon what management
believes are reasonable assumptions, there can be no assurance that
actual results will be consistent with this forward-looking
information.
The forward-looking statements contained in this
News Release are made as of the date hereof, and should not be
relied upon as representing RioCan’s views as of any date
subsequent to the date of this News Release. Management undertakes
no obligation, except as required by applicable law, to publicly
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise.
For more information, please
contact:
Michael Emory, President & CEO of
Allied(416) 977-0643 memory@alliedreit.com
Jonathan Gitlin, President & CEO of
RioCan(416) 866-3099jgitlin@riocan.com
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