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TORONTO-RioCan Real Estate Investment Trust, based here, has teamed up with New Hyde Park, NY-based Kimco Realty Corp. to buy a 10-building Canadian retail portfolio for about $156 million. The 50/50 venture will be called RioKim II, and will be sourced, leased and managed by RioCan. H&R Real Estate Investment Trust is reportedly the seller of the properties.

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

The closing of the transaction is expected to take place on June 25. The properties include the 138,000-sf 220 Chain Link Dr. in Halifax, Nova Scotia (anchor: Wal-Mart); the 116,147-sf 1160 Desserte Ouest in Montreal (Zellers); the 54,950-sf 857 Cecile Blvd. in Hawkesbury, Ontario (Price Chopper); the 17,000-sf Shoppers Drug Mart in Hawkesbury, the 283,877-sf 720 Maloney Blvd. in Gatineau, Quebec (Wal-Mart); the 127,416-sf 1701 Merivale Rd., Ottawa, Ontario (Loeb and Best Buy); the 71,930-sf 110 North Front Street in Belleville, Ontario (A&P); the 105,955-sf 878 Tower St. S. in Fergus, Ontario (Zellers); the 90,212-sf 1345 Huron St. in 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 our existing joint venture portfolio of more than 8.2 million sf,” said Edward 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. Kimco has interests in almost 2,000 properties throughout the US, Puerto Rico, Canada, Mexico and Chile.

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