RioCan founder Ed Sonshine is trying to Amazon-proof his shopping-mall empire by turning them into hip urban oases.
The chief executive officer of RioCan Real Estate Investment Trust has inked deals to sell 19 assets in the past four months, part of his drive to unload about $2 billion (US$1.6 billion) worth of properties. At the same time, he’s tearing up some of his malls to develop apartments, trying to capitalize on the rental boom and insulate RioCan from the rise of e-commerce. By 2020 he wants more than 90 per cent of rental revenue to come from Canada’s six major urban markets, up from about 75 per cent now.
RioCan Real Estate Investment Trust plans to turn 43 of its retail properties into mixed-use developments through its new RioCan Living brand is intended to keep the company “ahead of the curve” and increase asset value says Jonathan Gitlin Senior Vice President, Investments & Residential.
Read the full article by Mario Toneguzzi, Property Biz Canada here.