TORONTO, ONTARIO–(Marketwired – Oct. 17, 2017) – RioCan REIT (TSX:REI.UN) and Allied Properties REIT (TSX:AP.UN) today announced that the residential condominium units at King Portland Centre are substantially sold out, subject to customary closing conditions and rights of rescission. RioCan and Allied expect the profitability of these units to exceed initial expectations.
King Portland Centre is located at the northwest corner of King Street West and Portland Avenue in the heart of Toronto’s King West neighbourhood. In addition to the strength of its location, the development is unique, in that it will incorporate a restored heritage structure, 602-604 King West, with a substantial new mixed-use structure. The combined structures (at 100%) will be comprised of the following:
- approximately 59,000 square feet of office and retail GLA in the heritage structure, which is fully occupied;
- approximately 256,000 square feet of additional office GLA in the new structure, which is 93% pre-leased