Allied Properties REIT (TSX:AP.UN) and RioCan REIT (TSX:REI.UN) today announced that they have entered into a binding agreement to acquire Diamond Corp.'s undivided 20% interest in the office and retail components of The Well (the "Commercial Component") for a purchase price of up to $42 million. On completion of the acquisition, which is scheduled to close later today, each of Allied and RioCan will own an undivided 50% interest in the Commercial Component and will pursue the construction and ultimate operation of the Commercial Component as equal partners. Diamond Corp. will remain as an advisor and co-owner of the residential component of The Well pending closing of the sale of same, as noted below, but has determined that it is appropriate at this time to sell its interest in the Commercial Component to RioCan and Allied, who are in the business of holding long-term commercial assets.
The second Starbucks® express store format in Canada opens October 6th in Montreal's Central Station. The inter-city rail station is the second-busiest station in Canada and welcomes over 30 million people every year, most of whom are local commuters looking to save time and get to their next destination quickly. Current Montreal stores are created for a sit-down café experience, while this store is designed to provide a faster speed of service, which is ideal for morning commuters.
An extensive renovation of the Niagara Duty Free store in Ontario reflects a shift in attitude for land border duty frees in Canada, say Ashley Mindorff and Joel Stevenett of design studio Deschine.
The Canadian Federation of Independent Business (CFIB) said increasing minimum wage to $15 is a bad idea.