TORONTO, Aug. 23, 2018 (GLOBE NEWSWIRE) -- RioCan REIT (TSX:REI.UN) today announced it has leased approximately 98% of its new Toronto development, Bathurst College Centre, after signing a lease with a leading, international technology company. The mixed-use development has also attracted high-profile retail tenants led by FreshCo. (Sobeys), Winners and Scotiabank, all of which are expected to be open and operating in Spring of 2019.

Within the office space, the technology company will occupy approximately 28,000 square feet starting in Spring 2019, and University Health Network will occupy an additional 40,000 square feet starting in Summer 2019.

Bathurst College Centre is a four-storey, commercial mixed-use development located on Bathurst Street between Dundas and College in Toronto. RioCan purchased the land in 2011 and since has worked closely with the city and community to ensure it is an integral contributor to the area in which it operates.

“RioCan’s ability to fully lease the development to such high caliber retail and office tenants reflects the value of this urban mixed-use property, as well as our development pipeline and overall portfolio. We are pleased that notwithstanding the challenges associated with obtaining zoning for the area, our excellent leasing results will deliver returns in the upper end of the targeted range we require for all our developments,” said Edward Sonshine, Chief Executive Officer of RioCan. “Bathurst College Centre is a perfect example of how our major market strategy is coming to life and we’re thrilled to deliver a mixed-use development that will serve the community’s needs long into the future.”

About RioCan

RioCan is one of Canada’s largest real estate investment trusts with a total enterprise value of approximately $13.7 billion at June 30, 2018. 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. Our portfolio is comprised of 267 properties, including 17 development properties, with an aggregate net leasable area of approximately 42 million square feet. To learn more about how we deliver real vision on solid ground, visit www.riocan.com.

For further information, please contact:

Edward Sonshine, O. Ont., Q.C. Chief Executive Officer (416) 866-3018 | sonshine@riocan.com