RioCan and Allied Provide Progress Update for The Well

~110,000 Square Feet of Retail and ~One Million Square Feet of Office Leased To-date

TORONTO, March 24, 2021 (GLOBE NEWSWIRE) -- RioCan Real Estate Investment Trust (“RioCan”) (TSX: REI.UN) and Allied Properties Real Estate Investment Trust (“Allied”) (TSX: AP.UN) today provided an update on progress at The Well, including successful retail leasing activity and ongoing development progress. This mixed-use community, developed jointly by RioCan and Allied (collectively “The Well JV”), continues to take shape as an extension of the vibrant King West area, combining an elevated retail experience, distinctive office space and modern residential space in an amenity-rich urban neighbourhood. The Well’s authentic urban and pedestrian-focused design is perfectly suited to the technology, media, creative and digital enterprises that define King West.

Situated at Front, Spadina and Wellington and spanning more than three million square feet, The Well will be a vital component of King West. This interconnected mixed-used development will introduce, along with new residential housing, a relevant urban streetscape of retail experiences and concepts in approximately 340,000 square feet ⁽¹⁾ of indoor and outdoor space. It will also offer workspace solutions for thousands of users across 1.2 million square feet ⁽¹⁾ of office.

“We are very pleased to announce retail leasing activity that defines the character of The Well. The property itself is the best model of what The Well has to offer and with ongoing construction momentum, prospective tenants are now able to tour and see for themselves the scale and dynamic architecture of this true mixed-use community,” said Jonathan Gitlin, President and Chief Operating Officer of RioCan. “The ideal combination of location, thoughtful design, and community building at The Well has attracted forward-thinking tenants. Our growing list of innovative tenants will provide a host of meaningful experiences and everyday needs that will serve the neighbourhood and its visitors.”

To date, RioCan has executed leases for approximately 110,000 square feet of space dedicated to exciting new opportunities to eat, shop and experience at The Well. This represents more than a third of the conventional retail space, excluding the Wellington Market at The Well. Signed leases include experiential, necessity-based and service-oriented tenants.