TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris REIT”) (TSX: PMZ.UN) announced today that its Board of Trustees has declared a distribution of $0.0683 per unit for the month of October, 2023, representing $0.82 per unit on an annualized basis. The distribution will be payable on November 15, 2023 to unitholders of record on October 31, 2023.

About Primaris REIT

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in the leading enclosed shopping centres in growing markets. The current portfolio totals 11.4 million square feet valued at approximately $3.4 billion at Primaris’ share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well-capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.

TSX: PMZ.UN

www.primarisreit.com

Contacts

For more information:

Alex Avery

Chief Executive Officer

416-642-7837

aavery@primarisreit.com

Rags Davloor

Chief Financial Officer

416-645-3716

rdavloor@primarisreit.com

Tim Pire

Chair of the Board of Trustees

chair@primarisreit.com

Transaction represents the company’s largest debt transaction to date and its fourth green financing

DENVER–(BUSINESS WIRE)–Vantage Data Centers, a leading global provider of hyperscale data center campuses, today announced​​ that the company has raised USD$1.35 billion in securitized notes. The notes include (i) $1,026M five- and seven-year Class A Term Notes (Series 2023-1 A-2a and Series 2023-2 A-2), (ii) C$380M Canadian dollar Class A tranche (Series 2023-1 A-2b, ~$286M USD equivalent) and (iii) $43M Class B Notes (Series 2023-1 B). The Class A Notes & Class B notes are rated A- and BBB- respectively by Standard & Poor’s.

The proceeds from this transaction are primarily being used to refinance existing financings in place for three data centers on the company’s flagship Northern Virginia campus and five data centers in the province of Quebec, Canada, as well as to fund general corporate needs.

Deutsche Bank Securities acted as Sole Structuring Advisor. In addition to Deutsche Bank, Societe Generale, Truist Securities and Wells Fargo Securities acted as Joint Active Bookrunning Managers on the transaction. Additionally, this transaction achieved a Green Bond designation via a Second-Party Opinion (SPO) from Morningstar Sustainalytics in September 2023. For additional details, please see the company’s Green Bond Framework.

“This transaction is Vantage’s ninth securitization financing since 2018. It’s also our fourth green financing bringing our total green loan financings to more than $2 billion,” said Sharif Metwalli, Vantage’s chief financial officer. “This financing provides an even stronger financial position for our North American platform and enables us to continue scaling the business to meet customer demand in an environmentally friendly way. We appreciate the ongoing support and partnership from our lead investor, DigitalBridge, and their confidence in us to grow the business to not only meet our customers’ IT requirements but also to align with our customers’ sustainability goals.”

“Vantage is delivering on its growth strategy, and despite inflation and the challenging capital markets, investors continue to be confident in Vantage’s ability to execute as evidenced by this securitization,” said Jon Mauck, senior managing director at DigitalBridge. “We look forward to further building on this momentum to drive value for our stakeholders, not only in North America, but around the world. Vantage is uniquely positioned for long-term growth with a leading digital infrastructure platform designed for the world’s preeminent hyperscalers and cloud providers.”

Vantage recently announced that AustralianSuper, Australia’s largest pension fund, will invest €1.5 billion to acquire a significant minority stake in Vantage’s EMEA business, joining DigitalBridge as a key shareholder. The investment will accelerate Vantage’s ability to scale its footprint across the EMEA region to support customer demand.

The notes have not been, and will not be registered, under the Securities Act of 1933, as amended, and may not be offered or sold absent such registration, or an applicable exemption from the registration requirements thereunder. This press release is neither an offer to sell, nor a solicitation of an offer to buy any notes, nor shall there be any sale of the notes in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About Vantage Data Centers

Vantage Data Centers powers, cools, protects and connects the technology of the world’s well-known hyperscalers, cloud providers and large enterprises. Developing and operating across five continents in North America, EMEA and Asia Pacific, Vantage has evolved data center design in innovative ways to deliver dramatic gains in reliability, efficiency and sustainability in flexible environments that can scale as quickly as the market demands.

For more information, visit https://www.vantage-dc.com.

About DigitalBridge

DigitalBridge (NYSE: DBRG) is a leading global alternative asset manager dedicated to investing in digital infrastructure. With a heritage of over 25 years investing in and operating businesses across the digital ecosystem including cell towers, data centers, fiber, small cells and edge infrastructure, the DigitalBridge team manages over $70 billion portfolio of digital infrastructure assets on behalf of its limited partners and shareholders. Headquartered in Boca Raton, Florida, DigitalBridge has key offices in New York, Los Angeles, London, Luxembourg and Singapore.

For more information, visit: www.digitalbridge.com.

Contacts

Mark Freeman

Vantage Data Centers

mfreeman@vantage-dc.com
+1-202-680-4243

Robin Bectel

REQ for Vantage Data Centers

vdc@req.co
+1- 202-936-6335

– New data reveals that ninety percent of Torontonians believe the city needs better-built condos –

– Click here to access the first renderings for 101 Spadina –

TORONTO–(BUSINESS WIRE)–Today, Devron Developments (Devron), one of Toronto’s leading residential home builders passionate about creating high quality, long-term livable condominiums (condos), releases results from a survey of Torontonians conducted among members of the Angus Reid Forum. The survey found that 90 per cent of respondents believe that the city needs better-built condos, and over three quarters (83 per cent) agree that the city is starved for good architecture. Gathering insights on the sentiments of current and future homeowners towards the Toronto condo market and condominium developments’ contribution to the city’s skyline, the poll surveyed over 800 respondents in the Greater Toronto Area in late June 2023. Alongside this new data, Devron is announcing its latest project, 101 Spadina – a 38-storey residence located at the southeast corner of Spadina Ave. and Adelaide St. – to provide Torontonians with a condo they can call home.

Not another glass box, Devron’s 101 Spadina project aims to change the condo narrative. 101 Spadina will provide Torontonians with the option to own a home with timeless architecture. Built with a brick and stone façade to pay homage to the rich architectural heritage of Spadina Ave. the building includes large livable suites, comfort-focused building features, geothermal heating and cooling, a new 10,000 sq ft public park at the foot of the building and more.

Located on Toronto’s largest avenue, the project will occupy the current Green P and 101 Spadina building at the southeast corner of Adelaide St. and Spadina Ave. In addition to the public park, proceeds from the land transfer will support the creation of affordable housing units off-site in the area.

Condos can be long-term homes

As condos in Toronto are getting smaller and smaller, Devron is doing things differently by building livable, spacious suites with an emphasis on quality beyond just the surface. Prioritizing the quality behind the aesthetics, Devron is solving typical condo living woes with its Building Sciences, out of sight features that enhance the overall condo-living experience; from heightened sound insulation to leak detection and better lighting with pot lights in all suites, Devron ensures the homeowner’s comfort is top of mind.

Due to the unsustainable single-family house price, exacerbated by soaring interest rates, and a lack of high quality condominium homes, Torontonians have been pushed further and further away from the city, where most of the city’s jobs, culture, and entertainment infrastructure lie. This sprawl has given rise to more traffic and travel times which means less time spent with family, an isolation of people from social and economic infrastructure, and an overall decrease in quality of life. According to the survey, many Torontonians want to stay close to the beating heart of the city, but report lacking condos that are built with the quality and size to be called a home for too long:

• Half (52 per cent) of Torontonians say they would consider purchasing a larger condo as their long-term home. Among those who do not currently own a condo in the GTA but plan to do so, 72 per cent would consider purchasing a larger condo as their long-term home.
• Over half (56 per cent) believe condos can be a long-term housing solution versus mostly transitional homes. This number jumps to 60 per cent when honing in on already-existing condo owners.
• According to over 60 per cent of respondents, condos must have ample storage and spacious living spaces as these are the main challenges Torontonians list when considering living in a condo.
• According to 56 per cent of respondents, condos can make a long-term home when it includes being close to services, access to amenities such as green space, and large spacious units.

“Toronto is an incredible city with an abundance of potential. However, condos, our fastest-growing and most sustainable housing option, do not often evoke much excitement or pride for many Torontonians. As a result, condos are seen by many as a temporary place to live. It pains me and makes me realize that we have a lot of work to do to help inspire people to feel that “condo” can be synonymous with “home” for people and families at all stages of life,” says Pouyan Safapour, President of Devron. “What is interesting with this challenge is that it is fairly unique to Canada. In most other major cities in the world, multi-family homes are not seen as transitionary housing. If we don’t overcome this major challenge, and rebuild consumer confidence in multifamily living in Toronto, people and families will continue to sprawl, it will become impossible for our infrastructures to serve people, and the city will lose its vibrancy. This is why we are passionate about creating condos that we feel Toronto deserves, and that Torontonians can be proud of. We want people to have options for multi-family homes that inspire them to stay and call downtown Toronto home. With our latest project, 101 Spadina, we hope to do just that.”

The Toronto skyline needs help

Canada’s largest metropolis isn’t renowned for its architecture. It’s the opposite. As a developer focused on bringing inspiring architecture to the city, Devron is committed to elevating Toronto’s skyline by building aesthetically pleasing and community-driven developments. Designed in partnership with Audax Architects, the contemporary art deco building will exist in respectful harmony with the beautiful 100 year-old architectural buildings on Spadina Ave., while having its own modern character. Torontonians believe the city needs higher quality buildings that heighten the city’s architectural experience.

• Over three-quarters (83 per cent) of Torontonians agree that the city is starved for better architecture.
• Almost three-quarters (71 per cent) believe other cities have more interesting or exciting condo developments in comparison to Toronto.
• Nearly all respondents (90 per cent) believe the city needs better-built condos that suit people’s lifestyle needs (functional layouts, access to amenities, etc.)

Devron’s 101 Spadina project aims to answer Torontonians’ request for better-built condos, exciting architecture, and livable suits. Sales for 101 Spadina launch in 2024. Visit 101spadina.com to register.

About Devron Developments

Devron Developments (Devron) is an award-winning residential home builder, passionate about positively impacting people’s lives and experiences by creating long-term livable spaces in the Greater Toronto Area. With a portfolio of notable condominiums like The Vanguard, The Winslow, and the upcoming 101 Spadina, Devron is committed to elevating communities through thoughtful architecture that enhances the cityscape, high-quality buildings with a focus on livability, and sustainability. With nearly one million square feet of mixed-use property under development, Devron strives to create homes and inspiring spaces for end-users that are tailored to their neighbourhoods. Discover more by visiting www.devron.com.

Contacts

For more information:
Kayla Ciaschi

Talk Shop

647-985-9109

kayla@talkshopmedia.com

Rebranded Products Shown at Equip Exposition 2023

WEST FARGO, N.D.–(BUSINESS WIRE)–Doosan Bobcat, Inc., a company within Doosan Group, has expanded its global branding strategy as it announces its RYAN® turf renovation equipment will rebrand under the Bobcat trade dress in 2024. Bobcat, a global compact equipment, innovation and worksite solutions brand, invented the compact equipment industry when it introduced the first compact loader in 1958.

RYAN equipment joined the Doosan Bobcat portfolio in 2020, following the acquisition of BOB-CAT Mowers and the Steiner and RYAN brands of grounds maintenance equipment from Schiller Grounds Care, Inc. RYAN has produced trusted turf renovation equipment for more than 75 years and features a unique product lineup including aerators, sod cutters, dethatchers, power rakes, overseeders and other specialty products that serve landscaping and grounds care professionals across a variety of industries including golf, sports turf, landscaping and rental.

Following the company’s success in new product industries such as mowers, compact tractors and grounds maintenance equipment, Bobcat has streamlined its branding approach to strengthen overall brand equity, market recognition and consumer recall of all product offerings. The transition aims to create a cohesive customer experience and grow the organization’s footprint, making the brand more accessible to more customers in more places.

“Bobcat has been a recognized name for decades—known for its toughness and versatility. We are proud to extend the brand to new product categories so we can empower even more people to accomplish more,” said Scott Park, Doosan Bobcat CEO and vice chairman.

Earlier this year, Doosan Bobcat announced its Doosan Portable Power, Doosan Industrial Air and Doosan Industrial Vehicle brands would transition into the Bobcat product portfolio in North America and applicable markets worldwide in 2024.

“The Bobcat brand has grown tremendously over the past years, and we recognize the opportunity to further unleash the brand in bold, new ways by extending it into new product categories as we grow our brand portfolio,” said Laura Ness Owens, Doosan Bobcat vice president of global brand and North American marketing.

With this refreshed identity, RYAN products will undergo design and aesthetic changes in alignment with current Bobcat branding. The turf renovation equipment is produced at the Doosan Bobcat manufacturing facility in Johnson Creek, Wis., and will continue to be manufactured there following the brand transition.

Bobcat-branded RYAN equipment, along with its newly rebranded portable power, industrial air and material handling, is expected to be available for customer purchase through Doosan Bobcat’s extensive, global dealer network in 2024. Bobcat and these rebranded product lines will proudly remain part of the broader Doosan Group portfolio.

The Bobcat-branded turf renovation products will be displayed in the Bobcat indoor booth (3052) at Equip Exposition in Louisville, Ky., from Oct. 17-20.

Media Resources: For more information and visual assets of rebranded prototype machines, please visit this Dropbox link.

About Bobcat

Since 1958, Bobcat Company has been empowering people to accomplish more. As a leading global manufacturer of compact equipment, Bobcat has a proud legacy of innovation and a reputation based on delivering smart solutions to customers’ toughest challenges. Backed by the support of a worldwide network of independent dealers and distributors, Bobcat offers an extensive line of compact equipment, including loaders, excavators, compact tractors, utility products, telehandlers, mowers, attachments, implements, parts, and services. In 2024, Bobcat will expand its brand with the addition of portable power, industrial air, industrial vehicle and turf renovation offerings. Headquartered in West Fargo, North Dakota, Bobcat continues to lead the industry with its new and innovative offerings.

The Bobcat brand is owned by Doosan Bobcat, Inc., a company within the Doosan Group. Committed to empowering people to accomplish more, Doosan Bobcat is dedicated to building stronger communities and a better tomorrow.

©2023 Doosan Bobcat, Inc. All rights reserved.

Contacts

Nadine Erckenbrack, Bobcat Public Relations Manager

Email: na.newsroom@doosan.com
Mobile: 701-205-9207

AUSTIN, Texas–(BUSINESS WIRE)–#Sustainability–Commercial building owners in Alberta and Saskatchewan will be able to upgrade their buildings with energy-efficient solutions and zero upfront costs. Efficiency Capital, Canada’s first energy-as-a-service company, has partnered with CLEAResult, the nation’s leading energy efficiency solutions provider, to launch this innovative initiative.

Businesses in Alberta and Saskatchewan can complete energy efficiency upgrades without any upfront capital. The investment is paid back over time from the savings generated, resulting in increased building values and positive cash flows from day one. In addition to access to preferred project capital, businesses will also enjoy the support of an expert project team to help manage the project’s implementation, leaving building owners to focus on what matters most—their business operations.

Qualifying projects will undergo a diverse range of energy retrofits, including—but not limited to—building envelope improvements, on-site renewable energy generation and fuel switching for retail spaces, warehouses, accommodation and food service facilities.

“Energy efficiency and economic stimulus go hand in hand,” says Chandra Ramadurai, CEO of Efficiency Capital. “We’re thrilled to provide capital and turn-key execution for these cash flow-positive projects that Alberta and Saskatchewan building owners can use as an opportunity to lower energy costs in their facilities while creating jobs and environmental benefits that support the whole community.”

Efficiency Capital, which has a significant track record of deploying capital for energy upgrade projects across the country, will bring in the required funding and project management capability, while CLEAResult will leverage its experience and reputation as a leading program execution partner to identify, plan, leverage funding programs and support the execution of these projects.

“Our biggest challenge is that there’s so much money available, and not enough businesses are taking advantage of it,” Keri Macklin, CLEAResult’s Vice President of Decarbonization, explains. “Deploying this much capital for energy conservation as quickly as we plan to has never been done, and we’re excited to make it happen.”

We are now accepting applications for our first cohort until 31 October 2023. To apply for funding and find more details on the program, visit clearesult.com/canada/programs/energy-efficiency-retrofit-program.

About CLEAResult

CLEAResult is the largest provider of energy efficiency, energy transition and decarbonization solutions in North America. Since 2003, our mission has been to change the way people use energy. Today, our experts lead the transition to a sustainable, equitable, and carbon-neutral future for our communities and our planet. Our hometown teams collaborate with a diverse network of local partners to deliver world-class technology and personalized services that make it easy for commercial and industrial businesses, governments, utilities and residential customers to reduce their energy use and carbon footprint. CLEAResult is headquartered in Austin, Texas, and has over 2,400 employees in more than 60 cities across the U.S. and Canada. CLEAResult is majority owned by TPG through its middle market and growth equity investment platform TPG Growth and its multi-sector global impact investing strategy The Rise Fund.

Explore all our energy solutions at clearesult.com.

Follow us on: Facebook | LinkedIn | Twitter | Instagram

About Efficiency Capital

Efficiency Capital (EC) is Canada’s first energy-as-a-service company that develops, funds and manages net-zero projects in the built environment. Incubated by The Atmospheric Fund (TAF) – a regional climate agency, EC seeks to increase the flow of third-party capital into such projects by leveraging strategic partnerships with various banks, impact investors, community foundations and other organizations to enable the transition to an energy efficient, low-carbon economy. EC has announced many new partnerships in Nova Scotia, Quebec and Alberta as it seeks to expand across the country and has access to significant low-cost project funding to deliver fully funded, turnkey and de-risked decarbonization solutions.

For more information, visit: www.efficiencycap.com.

Follow us on: LinkedIn | Twitter

Contacts

CLEAResult

Amber Tester

Director Corporate Communications

media@clearesult.com

Efficiency Capital

Manasvi Thakur

Account Manager

manasvi@bubblegumcanada.com
437-366-4207

 

BEACHWOOD, Ohio–(BUSINESS WIRE)–Tremco CPG Inc. (“Tremco”) today announced the acquisition of the wall system fabrication segment of NOW Specialties, LLC (“NOW”). Located in Carrollton, Texas, NOW is a leading panel wall system fabricator specializing in Metal Composite Material (MCM) and Aluminum Composite Material (ACM) panels. The installation side of the business was not acquired and continues to operate as NOW Specialties.

“This acquisition represents a major step toward establishing Tremco as the leader in offsite construction – a significant and growing trend and a key strategic direction for the organization,” said Ron Kaminski, President, Tremco Commercial Sealants & Waterproofing Division. “Besides adding MCM and ACM to our growing Modulite™ panel fabrication program, this acquisition aligns with our core value proposition of delivering systems that are easy to build and maintain, virtually impervious to the elements and can be customized to provide nearly any desired look.”

Building Envelope Testing for Code Compliance, Performance and the Health and Safety of Occupants

“The NOW-8000 system was particularly attractive to us because it has been tested in full accordance with 2015 IBC 1407 (metal composite materials) and 2015 IBC 1703.5 (labeling) and, since 2018, can bear the Intertek mark,” Kaminski says.

NOW Specialties was the first US MCM fabricator to comply with IBC 2015 labeling requirements. A drained/back-ventilated rainscreen, the NOW-8000 system is lightweight, easy to install, designed around proven route-and-return and tongue-in-groove technology, and meets the latest, most rigid test standards and building codes.

NOW’s commitment to third-party certification aligns with Tremco’s focus on tested systems. More than ten years ago, Tremco invested in what is now the Tremco Building Science Laboratory. Developed in collaboration with the Air Barrier Association of America (ABAA) and with input from the building science community, the Tremco Building Science Laboratory is a state-of-the-art facility for testing air and moisture infiltration/exfiltration in building enclosures, pushing systems beyond ASTM standards to help avoid energy loss, structural deterioration and poor indoor air quality.

Supporting Growth of Offsite Construction

The benefits of offsite construction – including improved efficiency, higher quality and a faster path to revenue for building owners – are well documented and have contributed to the increased adoption of this building method. With increased adoption comes the demand for more design options.

“The acquisition of NOW’s wall system fabrication segment allows us to expand our Modulite offerings, giving our customers additional choices, which already include several Outsulation® continuous insulation panel types featuring a wide range of Dryvit® brand finishes replicating brick, stone, woodgrain, granite, metal and more,” Kaminski says.

Tremco’s network of offsite and modular construction specialists is available to help both those considering offsite construction and those new to this method who may require additional technical support and assistance.

The Single-Source Building Envelope

With the addition of ACM and MCM panels to the Tremco portfolio, building developers, designers and owners who want a metal panel facade can reduce risk and minimize the chances of envelope failure by taking advantage of fully tested, compatible building envelope systems and single-source warranty. This can include below-grade waterproofing, air barriers, sealants, expansion joints, traffic coatings and more.

About Tremco Construction Products Group

Tremco CPG Inc. is part of Tremco Construction Products Group (“Tremco CPG”). Leading Tremco CPG brands include Tremco Commercial Sealants & Waterproofing, Tremco Roofing & Building Maintenance, Tremco Barrier Solutions, Dryvit, Nudura, Prebuck, Willseal, Giraffe, Pure Air, Canam, WTI and WTC.

Together, Tremco CPG companies form an industry-leading provider of comprehensive systems and services for all six sides of the building enclosure. Whether new construction or restoration, commercial, residential, in-field or in-plant – structures with Tremco CPG systems are easier to build and maintain, virtually impervious to the elements, and can provide any look desired. For restoration and renovation of existing structures, Tremco CPG’s six-sided solutions deliver demonstrable performance at the lowest possible life cycle costs and ensure peace of mind through long-term warranties and maintenance programs. For more information, visit tremcocpg.com.

Contacts

John Buckley

Marketing Communications Senior Director

P 224.456.4601

jbuckley@tremcoinc.com

Momentum builds for ribbon cutting ceremonies introducing The Well as Toronto’s most dynamic mixed-use destination

TORONTO–(BUSINESS WIRE)–RioCan Real Estate Investment Trust (“RioCan”) (TSX: REI.UN) and Allied Properties Real Estate Investment Trust (“Allied”) (TSX: AP.UN) provided the initial retail tenant roster for The Well. New tenants slated to open include a curated mix of beloved local brands, innovative concepts, multi-nationals and new entries into the Toronto market.

“RioCan and Allied are very excited to welcome retail tenants to The Well, our flagship mixed-use development in Toronto. RioCan has carefully curated a mix of dynamic and diverse tenants that define The Well as an extension of the vibrant and thriving King West district,” said Jonathan Gitlin, President and Chief Executive Officer of RioCan. “The ideal combination of location, thoughtful pedestrian-focused design, and community building establishes The Well as a quintessential urban hub hosting office workers and residents and attracting many more as a popular destination for shopping, dining, and special events.”

Incoming retail tenants represent exciting new opportunities to eat, shop, experience and connect at The Well and include necessity-based, experiential and service-oriented retailers. A complete listing of retail tenants can be found on The Well’s website at www.thewelltoronto.com, including those showcased below.

• Food: Each new restaurant and bar at The Well are an intentionally designed integration of culinary experiences that celebrate Toronto’s diverse food scene. The 38^th floor of The Well’s office tower features the highly anticipated Aera restaurant with an expansive rooftop patio that provides dramatic views of Toronto and Lake Ontario. With more than 55 food purveyors, The Wellington Market will offer everything from core essentials to the adventurous, complemented by National, a beer market inspired by North American tastes, with food, games, events, and select craft beers. The Wellington Restaurants present a full suite of inspired restaurants and bars and include new concepts such as La Plume, The Dorset and Bridgette Bar; and Montreal favorites, Mandy’s Gourmet Salads and L’Avenue; as well as the debut of LuLu Bar.
• Health & Wellness: Catering to the well-being of guests, The Well offers a host of health-focused amenities, including previously announced Sweat and Tonic, a fitness and wellness boutique, and Shoppers Drug Mart, Canada’s largest pharmacy. HealthOne Medical & Wellness is a full-service medical clinic offering medical, dental, rehab, wellness, mental health, optometry and skin clinic; an all-in-one centre will also be at The Well.
• Everyday conveniences: In keeping with the open street and pedestrian-centered environment of The Well is a host of retailers offering everyday conveniences, including barista-style cafés such as De Mello Coffee; Fix Coffee + Bikes; and Quantum Coffee. For 24/7 convenience, Aisle 24, a fully-automated, cashier-less grocery store will open its newest store serving residents and visitors at The Well. Other convenient amenities include personal banking with Bank of Montreal; Royal Bank; and Scotiabank branches, as well as beauty and grooming from Etiket; Room1six and Vie Nail & Beauty Salon.
• Elevated Retail: Reinforcing The Well’s seemingly endless amenities, retailers from multi-nationals to independent boutiques are setting up shop. Recognizable brands include consumer favourites such as Adidas; Indigo; Structube; The Bone & Biscuit; Bailey Nelson; and Le Creuset. And most recently, Sephora and Frank & Oak will join The Well’s roster of tenants. Leaning into The Well’s King West character is a slate of chic boutiques including Black Rooster Décor; Design Republic; Giotelli; Gotstyle; Groovy Shoes; and Suetables.

Retail tenants are expected to physically open in phases through the remainder of 2023 and into 2024. As we finalize additional lease deals, more announcements of exciting retailers opening at The Well are forthcoming. To celebrate the openings, a ribbon cutting event is scheduled for November 17, 2023 at The Well.

Office and Residential Update:

• Office: The 38-storey, 1.2 million square feet ⁽¹⁾, office space at The Well is stabilized at 98% leased. The office component of the Well is registered under the LEED® green building rating system and is targeting a LEED® Platinum certification.
• Residential: Residences at The Well comprise six buildings offering approximately 1,700 condominium and purpose-built rental suites. FourFifty The Well, the residential rental tower at the Well, is owned by RioCan in partnership with Woodbourne Canada Partners (“Woodbourne”). This 46-storey, 592 units, luxury residential rental tower offers modern amenities, superior services and direct access to The Well’s commercial conveniences through its retail podium. This building commenced pre-leasing in March 2023 and is currently 30% leased. With tenant move-ins starting on August 1, 2023, FourFifty The Well is now 21% occupied. Woodbourne owns the other two residential rental buildings, totalling 330 units, which have achieved 65% leased in aggregate. For the three condominium buildings, developed by Tridel Builders Inc., occupancy has commenced for two of the buildings. Occupancy activity for residences at The Well further underscore the desirability and demand for this mixed-use community.

About The Well

The Well is a joint venture between RioCan and Allied. Situated at Front, Spadina and Wellington, spanning more than three million square feet, The Well comprises seven mixed-use towers and mid-rise buildings. This interconnected mixed-used development introduces new residential housing, a relevant urban streetscape of retail experiences and concepts in approximately 320,000 square feet ⁽¹⁾ of indoor and outdoor space and workspace solutions for thousands of users across 1.2 million square feet ⁽¹⁾ of office. Once complete, The Well will draw people from down the street and across the globe to eat, shop, work, live and play in Toronto.

1) Square footage measures are based on gross leasable area for retail and office space

About RioCan

RioCan is one of Canada’s largest real estate investment trusts. 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. As at June 30, 2023, our portfolio is comprised of 193 properties with an aggregate net leasable area of approximately 33.5 million square feet (at RioCan’s interest) including office, residential rental and 11 development properties. To learn more about us, please visit www.riocan.com.

About Allied

Allied is a leading owner-operator of distinctive urban workspace in Canada’s major cities. Allied’s mission is to provide knowledge-based organizations with workspace that is sustainable and conducive to human wellness, creativity, connectivity and diversity. Allied’s vision is to make a continuous contribution to cities and culture that elevates and inspires the humanity in all people.

Forward Looking Information – RioCan

This News Release contains forward-looking information within the meaning of applicable Canadian securities laws. This information reflects RioCan’s objectives, strategies to achieve those objectives, as well as statements with respect to management’s beliefs, estimates and intentions concerning anticipated future events 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 current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described in the “Risks and Uncertainties” section in RioCan’s MD&A for the period ended June 30, 2023 and in its most recent Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release.

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 this forward-looking information.

The forward-looking statements contained in this News Release are made as of the date hereof, and should not be relied upon as representing RioCan’s views as of any date subsequent to the date of this News Release. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Forward Looking Information – Allied

This News Release contains forward-looking information within the meaning of applicable Canadian securities laws. This information reflects Allied’s objectives, strategies to achieve those objectives, as well as statements with respect to management’s beliefs, estimates and intentions concerning anticipated future events 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 Allied’s current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described in the “Risks and Uncertainties” section in Allied’s MD&A for the period ended December 31, 2022 and in its most recent Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release.

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 this forward-looking information. The forward-looking statements contained in this News Release are made as of the date hereof, and should not be relied upon as representing Allied’s views as of any date subsequent to the date of this News Release. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Contacts

RioCan

Jonathan Gitlin

President and Chief Executive Officer

(416) 866-3033

Allied

Cecilia Williams

President and Chief Executive Officer

(416) 977-9002