TORONTO – RioCan Real Estate Investment Trust said Friday that it has bought the Cookstown Outlet Mall, north of Toronto, in co-ownership agreement with Tanger Factory Outlet Centres for a total of $62 million.
RioCan (TSX:REI.UN) said it will provide development and property management services and Tanger will provide leasing and marketing services.
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The Cookstown Outlet Mall is about 50 kilometres north of Toronto and was built in 1995. The outlet centre is about 161,000 square feet with the potential to expand to approximately 320,000 square feet, RioCan said in a news release.
The outlet mall features retailers such as Coach Outlet, Adidas, Tommy Hilfiger Outlet, Puma and Rockport.
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The acquisition of this property will enable the co-ownersp, through expansion, to develop the site into a full-scale Tanger Outlet Cenre, Rio Can said.
Tanger Factory Outlet Centre Inc. is headquartered in Greensboro, N.C., and operates and owns, or has ownership interests in, a portfolio of 39 upscale outlet shopping centre in 25 states and in Canada.
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