RioCan Sells 50% Stake in Toronto’s The Well

RioCan Sells 50% Stake in Toronto’s The Well
News| July 15, 2026| Monte Stewart
Canada + Apartment Buildings

RioCan REIT has sold its 50% stake in the multi-family rental tower at The Well in downtown Toronto to Woodbourne Capital, according to multiple reports.

GreenStreet reported that RioCan received a price of $155 million. Woodbourne already owned the other 50%.

The deal has closed after RioCan announced its intention to sell the Real Estate Investment Trust has reached a firm agreement to sell its 50% interest in FourFifty The Well, a 592-unit rental tower.

The buyer and purchase price were not previously disclosed.

FourFifty The Well is a 46-storey rental tower at 450 Front St. W. that was developed as part of The Well, a 7.7-acre mixed-use project by RioCan and its partners, including Allied Properties REIT on the office component, Tridel on the condominium component and Woodbourne on the rental component.

The sale is part of RioCan’s ongoing strategy to monetize its RioCan Living residential rental portfolio and focus on its core retail business. Over the past year, the REIT has sold interests in several rental properties, including Frontier, Latitude and Luma in Ottawa, Brio in Calgary, the Litho building in Toronto, the Market project in Montreal and the Underwood tower in Calgary.

“The ongoing monetization of RioCan Living continues to unlock value from the residential rental portfolio, providing additional flexibility to redeploy capital in line with the Trust’s long-term strategy,” the REIT said previously.

WoodBourne describes itself as a leading owner, developer and operator of high-quality residential and alternative assets.

RioCan ranks among Canada’s largest REITs. It primarily owns and manages necessity-based retail properties in Canada’s msot densely populous, in-demand markets.

Pictured: FourFity The Well in downtown Toronto.

Photo: FourFifty

Other News

Gilbane Development Acquires Sheepshead Bay Site Suited to Large-Scale Affordable Housing

New York & Tri-State + Apartment Buildings

Ariel Property Advisors has arranged the $37-million sale of 2185 Coyle St., a mixed-use development site offering 408,400 buildable square feet on a 96,000-square-foot lot in the Sheepshead Bay neighborhood of Brooklyn. The recently rezoned property is ideally suited for a large-scale affordable housing development. An Ariel team comprised of founding partners Victor Sozio and...

Learn more

JV Acquires Seniors Facility in San Diego’s Clairemont Neighborhood

California & West

Marcus & Millichap arranged the sale of Canyon Villas, a 122-unit, 122-operating bed, independent living, assisted living and memory care facility with 133 licensed beds in the Clairemont neighborhood of San Diego. Pricing was not disclosed. “Our marketing process on Canyon Villas generated multiple high-quality offers and provided the buyer with a compelling value-add opportunity...

Learn more

SJP Partnership Tops Out Construction on Jersey City Apartments

New York & Tri-State + Apartment Buildings

SJP Properties, in partnership with Claremont Development and Battery Global Advisors, announced that The Lucy, a new luxury residential tower, has topped out. Located at 619 Grove St. in Jersey City, the residential community includes 444 apartments and a full suite of amenities. The design preserves and restores historically significant portions of the site’s original...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up