RioCan Real Estate Investment Trust (TSX:REI.UN, "RioCan") and; Boardwalk Real Estate Investment Trust (TSX:BEI.UN, "Boardwalk")TORONTO and CALGARY, Nov. 10, 2016 /PRNewswire/ - RioCan and Boardwalk are pleased to announce the formation of a joint venture to develop a mixed use tower on a discrete portion at RioCan's Brentwood Village Shopping Centre in Calgary, AB. RioCan will maintain a 100% ownership interest in the remainder of the centre. The project will consist of an at-grade retail podium totaling approximately 10,000 square feet and an 11-storey residential tower with approximately 120,000 square feet of residential space, totaling approximately 165 apartment units. The development will include two levels of underground parking and will provide premium rental housing minutes from downtown Calgary along the Northwest Light Rail Transit line, while providing close proximity to the University of Calgary, McMahon Stadium, and Foothills Hospital. Sam Kolias, Chairman and Chief Executive Officer of Boardwalk REIT commented: "We are excited to announce the formation of this joint venture with a like-minded partner who shares similar values and goals as our own, to maximize the potential of well-located, transit oriented mixed use developments that can be constructed to create new communities that Residents are proud to call home." "We are very pleased to partner with Boardwalk on our first rental residential development in the Calgary market. Boardwalk brings a wealth of management expertise to the rental residential segment, particularly within the Alberta market," said Edward Sonshine Chief Executive Officer of RioCan. "This rental residential tower will be an excellent addition to this mixed use shopping centre, and a great example of just one of the many urban intensification projects that RioCan has on hand within its portfolio of high quality urban locations in Canada's six major markets." The joint venture involves an equal 50% interest, in which, each will provide its best-in-class retail and residential expertise to co-develop the asset. To maximize the value of the development, RioCan will manage the retail component, and Boardwalk will manage the residential component each on a cost basis.