Toronto-based RioCan REIT(TSX: REI.UN) has a firm offer 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 Opportunity on the east, Front Street West on the south, and Draper Street on the west. The project was established by RioCan and a selection of partners, including Allied Residences REIT (TSX: AP.UN) on the workplace element, Tridel on the condominiums, and Woodbourne on the rental component.RioCan said in its Q1 2026 report, released today, that it had entered into a firm contract to offer 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 actually not been disclosed, but RioCan stated the deal is anticipated to close in Q2 2026, as is a firm sale contract for Stage One and Stage 2 of its Bellevue rental task in Montreal, which is 100 %owned by RioCan.Although the price is unknown, a per-unit price of$500,000 on 592 units
would equate to$296 million, a per-unit cost of $600,000 would equate to $355.2 million, and a per-unit price of$700,000 would equate to $414.4 million, so RioCan might 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, cutting edge gym, roomy yoga/dance studio, massage space, pet health club, a curated collection of 52 art pieces, and more.RioCan Living The abovementioned sales are an extension of RioCan’s effort to monetize its rental portfolio, RioCan Living.The effort started in 2015 with RioCan selling 50%stakes in the Frontier, Latitude, and Luma rental structures in Ottawa to Killam Apartment Or Condo 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 offered their eight-storey Litho leasing building situated at Toronto’s 740 Dupont Street to LaSalle Investment Management for $152.4 million– a distinctive$725,714 per unit.In November, RioCan noted its 50% stake in the 36-storey Pivot rental tower located at 35 Greenfield Opportunity in Toronto, which was established in collaboration with BGO. That stays unsold.Also in Q4 2025, RioCan
offered its 90%stake in the 3 phases of its multi-building Market rental project in Montreal for $157.1 million.In Q1 2026, RioCan offered its 50% interest in the 30-storey Underwood rental tower situated at
202 14th Opportunity SW in Calgary for$46.5 million. RioCan got the 50%stake from Western Securities Ltd. in 2024. After the sale of its 50 %interest in FourFifty and 100% interest in the 2 phases of Bellevue, five homes remain in the RioCan Living portfolio– but they might not stay in the portfolio for long.In its Q1 report, RioCan stated that, subsequent to the quarter, it
participated in a conditional deal to offer its interest in among those staying properties, and that there are 4 that” remain to be offered”and have actually garnered “strong interest. “”The continuous money making of RioCan Living continues to unlock worth from the residential rental portfolio, providing extra flexibility to redeploy capital in line with the Trust’s long-term technique,”the REIT said, referring to its focus on retail.