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.