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