Shopify to be anchor tenant for Toronto property redevelopment
Shopify CEO Tobias Lutke, center wearing hat, is celebrated as he rings the New York Stock Exchange opening bell, marking the Canadian company's IPO, Thursday, May 21, 2015. (AP Photo/Richard Drew)
The Canadian Press
Published Monday, April 11, 2016 9:24AM EDT
TORONTO - Two real estate trusts say they're proceeding with plans to develop a site in downtown Toronto with Shopify Inc. as its main tenant.
The announcement comes nearly a year after Shopify's initial public offering on the Toronto and New York stock exchanges, which raised $131 million.
The electronic commerce company (TSX:SH, NYSE:SHOP) has committed to lease about 112,000 square feet or 44 per cent of the space at what will be known as the King-Portland Centre.
The site will be located at 602-620 King Street W., about two kilometres west of Toronto's main financial district.
The property redevelopment is being done by Allied Properties (TSX:AP.UN) and RioCan (TSX:REI.UN), two Toronto-based real estate trusts.
Allied will manage the office component and RioCan will manage the retail and residential components once the project is completed in about three years.