TORONTO—RioCan Real Estate Investment Trust and Quebec-based real estate firm Harden have announced that effective July 1, 2022, Harden will assume third-party property management responsibilities for RioCan’s 18 Quebec retail properties.
RioCan and Harden have previously worked together, with each owning a 50 per cent interest in Les Galeries Lachine in Montreal, where Harden is responsible for the management, leasing and redevelopment of the property, stated a release.
Recently, RioCan agreed to sell a 50 per cent interest in the trust’s Mega Centre Notre-Dame property to Harden for $34.5 million.
“With a common focus on performance, customer-centrism and cultural excellence, we are confident that Harden is perfectly positioned to manage our retail portfolio in the Quebec region,” stated Jonathan Gitlin, CEO of RioCan in a statement.
“RioCan’s Quebec properties have proven resilient through the pandemic and there are significant growth opportunities embedded in the portfolio. Harden’s long-established and in-depth understanding of the local real estate landscape will further support growth and extract value from our presence in this market.”