TORONTO, June 17, 2016 /CNW/ - Diamond Corp. ("Diamond") announced today that Diamond, Tricon Capital Group Inc. (TSX:TCN) ("Tricon") and RioCan REIT (TSX:REI.UN) ("RioCan") have closed two separate transactions which include the acquisition of approximately one acre of land at the northeast corner of Yonge and Price Streets from Woodcliffe Landmark Properties.
On the development side of the transaction, Diamond and Tricon have purchased the property just south of the Summerhill LCBO, a site which has remained underutilized for many years.
"We are excited to be involved with a city landmark", said Stephen Diamond, President and CEO of Diamond Corp. "We see an opportunity to revitalize the site and set the tone of excellence with a high quality mixed-use redevelopment which will both respect the historical significance of the site and compliment the surrounding neighbourhoods. We don't have any plans yet and want to work with our neighbours before putting pen to paper."
In a related but separate transaction, RioCan and Tricon purchased the retail asset commonly known as The Shops of Summerhill.
"Tricon is extremely pleased to be partnering with Diamond Corp and RioCan on this project," said Gary Berman, President and CEO of Tricon Capital. "One of our core competencies is developing luxury communities and we believe this is an unparalleled opportunity to work with the neighbourhood to deliver a thoughtful mixed-use project that will reflect the spirit of one of Toronto's oldest communities."
"RioCan is excited about this opportunity, which aligns with our strategy to acquire quality retail assets in Toronto's downtown core," said Edward Sonshine, RioCan's CEO. "Our intent is to maintain the Shops of Summerhill and respect its heritage value."
"Over the coming weeks, we are looking forward to consulting with community representatives, city staff, and other stakeholders whose views will inform us," Diamond added. "As we head to the drafting table to give life to our vision, we intend to produce results that will make everyone proud."
Diamond, a Toronto real estate development company with a strong commitment to developing high-quality, innovative and award-winning residential and mixed use projects, has established itself as a leader in the development industry in the Greater Toronto Area. Diamond is a part of the Whitecastle group of companies and acts as the manager of the Whitecastle New Urban Fund 1, 2 and 3. Diamond is committed to progressive city building rooted in a legacy and tradition of quality and innovation. For further information, please refer to Diamond's website at www.diamondcorp.ca.
About Tricon Capital
Tricon is a principal investor and asset manager focused on the residential real estate industry in North America with approximately $2.8 billion (C$3.6 billion) of assets under management. Tricon owns, or manages on behalf of third party investors, a portfolio of investments in land and homebuilding assets, single-family rental homes, manufactured housing communities, and multi-family development projects. Our business objective is to invest for investment income and capital appreciation through our Principal Investment business and to earn fee income through our Private Funds and Advisory business. Since its inception in 1988, Tricon has invested in real estate and development projects valued at approximately $17 billion. More information about Tricon is available at www.triconcapital.com.
RioCan is Canada's largest real estate investment trust with a total enterprise value of approximately $16 billion as at March 31, 2016. RioCan owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 303 Canadian retail and mixed use properties, including 16 properties under development, containing an aggregate net leasable area of 46 million square feet. For further information, please refer to RioCan's website at www.riocan.com.
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities laws. This information includes, but is not limited to statements concerning RioCan's and Tricon's objectives, strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "would", "expect", "intend", "estimate", "anticipate", "believe", "should", "plan", "continue", or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. All forward-looking information in this News Release is qualified by these cautionary statements.
Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan's and Tricon's current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described under Riocan's and Tricon's continuous disclosure materials filed from time to time and available at www.sedar.com, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. Those risks and uncertainties include, but are not limited to, those related to: liquidity and general market conditions; tenant concentrations and related risk of bankruptcy or restructuring (and the terms of any bankruptcy or restructuring proceeding), defaults, including the failure to fulfill contractual obligations by the tenant or a related party thereof; retailer competition; access to debt and equity capital; interest rate and financing risk; joint ventures and partnerships; the relative illiquidity of real property; development risk associated with construction commitments, project costs and related approvals; environmental matters; and property management. Although the forward looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Certain statements included in this News Release may be considered "financial outlook" for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this News Release.
The Income Tax Act (Canada) contains provisions which potentially impose tax on publicly traded trusts (the SIFT Provisions). However, the SIFT Provisions do not impose tax on a publicly traded trust which qualifies as a REIT. RioCan currently qualifies as a real estate investment trust for Canadian tax purposes and intends to qualify for future years. Should this not occur, certain statements contained in this News Release may need to be modified.
Except as required by applicable law, neither RioCan nor Tricon undertakes any obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE Diamond Corp.