The portfolio includes several larger-format retail centers, aswell as some neighborhood strip centers, for a total of about onemillion sf. The average age of the portfolio is about 11 years, andthe properties have an average occupancy of about 97.6%, accordingto a RioCan statement. Rags Davloor, SVP and CFO, did not return acall for comment.


The closing of the transaction is expected to take place on June25. The properties include the 138,000-sf 220 Chain Link Dr. inHalifax, Nova Scotia (anchor: Wal-Mart); the 116,147-sf 1160Desserte Ouest in Montreal (Zellers); the 54,950-sf 857 CecileBlvd. in Hawkesbury, Ontario (Price Chopper); the 17,000-sfShoppers Drug Mart in Hawkesbury, the 283,877-sf 720 Maloney Gatineau, Quebec (Wal-Mart); the 127,416-sf 1701 Merivale Rd.,Ottawa, Ontario (Loeb and Best Buy); the 71,930-sf 110 North FrontStreet in Belleville, Ontario (A&P); the 105,955-sf 878 TowerSt. S. in Fergus, Ontario (Zellers); the 90,212-sf 1345 Huron London, Ontario (Shoppers Drug Mart) and the 71,423-sf 448 St.Clair St. in Chatham, Ontario (Food Basics).


The two companies have invested together on similar portfolios."We enjoy a strong and deep relationship with Kimco through ourexisting joint venture portfolio of more than 8.2 million sf," saidEdward Sonshine, president and CEO of RioCan in a statement.


RioCan has ownership interests in 216 properties in Canada,making it the largest retail portfolio holder in the country. Kimcohas interests in almost 2,000 properties throughout the US, PuertoRico, Canada, Mexico and Chile.

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