Toronto-based RioCan REIT (TSX: REI.UN) has a firm deal to sell its stake in FourFifty, the high-rise rental tower at The Well, its flagship mixed-use development in Toronto.
The Well is a 7.7-acre hub bounded by Wellington Street West on the north, Spadina Avenue on the east, Front Street West on the south, and Draper Street on the west. The project was developed by RioCan and an assortment of partners, including Allied Properties REIT (TSX: AP.UN) on the office component, Tridel on the condominiums, and Woodbourne on the rental component.
RioCan said in its Q1 2026 report, published this week, that it had entered into a firm agreement to sell its interest in FourFifty The Well, the 46-storey tower located at 450 Front Street West that’s home to 592 premium rental units. RioCan owns a 50% stake in FourFifty.
The buyer and sale price have not been disclosed, but RioCan said the transaction is expected to close in Q2 2026, as is a firm sale agreement for Phase One and Phase Two of its Bellevue rental project in Montreal, which is 100% owned by RioCan.
Although the price is unknown, a per-unit price of $500,000 on 592 units would translate to $296 million, a per-unit price of $600,000 would translate to $355.2 million, and a per-unit price of $700,000 would translate to $414.4 million, so RioCan could get anywhere from $148-$207.2 million for its 50% stake.
Designed by architectsAlliance and Figure3, FourFifty The Well is a premium rental building with a striking, 16-ft ceiling lobby, and amenities including a study, café, dining room, rec room, terrace, state-of-the-art gym, spacious yoga/dance studio, massage room, pet spa, a curated collection of 52 art pieces, and more.
RioCan Living
The aforementioned sales are a continuation of RioCan’s effort to monetize its rental portfolio, RioCan Living.
The effort commenced last year with RioCan selling 50% stakes in the Frontier, Latitude, and Luma rental buildings in Ottawa to Killam Apartment REIT (TSX: KMP.UN) for a total of $136.0 million, and its 50% stake in the Brio mixed-use complex in Calgary to Boardwalk REIT (TSX: BEI.UN) for $37.4 million.
Later in the year, RioCan and Woodbourne sold their eight-storey Litho rental building located at Toronto's 740 Dupont Street to LaSalle Investment Management for $152.4 million — an eye-catching $725,714 per unit.
In November, RioCan listed its 50% stake in the 36-storey Pivot rental tower located at 35 Greenfield Avenue in Toronto, which was developed in partnership with BGO. That remains unsold.
Also in Q4 2025, RioCan sold its 90% stake in the three phases of its multi-building Market rental project in Montreal for $157.1 million.
In Q1 2026, RioCan sold its 50% interest in the 30-storey Underwood rental tower located at 202 14th Avenue SW in Calgary for $46.5 million. RioCan acquired the 50% stake from Western Securities Ltd. in 2024.
After the sale of its 50% interest in FourFifty and 100% interest in the two phases of Bellevue, five properties remain in the RioCan Living portfolio — but they may not remain in the portfolio for long.
In its Q1 report, RioCan said that, subsequent to the quarter, it entered into a conditional deal to sell its interest in one of those remaining properties, and that there are four that “remain to be sold” and have garnered “strong interest.”
“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, referring to its focus on retail.
