TORONTO, ONTARIO-- Commercial Real Estate firm Redcliff Realty Group today announced their appointment as managers for the retail component of the revitalization of Union Station. Osmington Inc., Redcliff’s parent company, has entered into a long-term lease with the City of Toronto to develop and operate the retail component of Union Station.

“Osmington has committed to a substantial investment in this project.” said George Schott, President and CEO of Osmington, “As a Toronto-based commercial investment and development company, we are committed to making investments in the City of Toronto and see this as a unique opportunity to participate in the revitalization of this significant landmark.”

Redcliff Realty Group, Osmington’s real estate investment advisory and management subsidiary, will be responsible for managing the retail component of Union Station effective in early 2010, as well as managing the redevelopment of the retail premises.

The plans for the retail redevelopment are in their formative stages and will include the creation of approximately 160,000 square feet of retail area that will serve not only the transit public but will also become a destination for visitors and consumers in the downtown area. The retail component will complement the overall development of one of North America’s most important transportation centres and will further enhance the functionality of this national landmark.

“Our relationship with the City of Toronto is a co-venture where income generated by the retail premises will be shared equally between us and the City. As the commercial premises will not be fully operational until 2016, our plans are at their early stages of development” said George Schott. “As over 65 million annual transit users currently pass through Union Station, with that number intended to double within the next 20 years, we are planning for a significant transformation that will result in an exciting retail, restaurant, and entertainment destination.”

Formed in 1995, Osmington Inc. is one of Canada’s largest private commercial real estate companies. It owns a portfolio of retail and office properties across Canada, including two prominent office towers in Toronto, namely One Yonge Street and 320 Bay Street.

Redcliff Realty Group is a Canadian commercial real estate investment advisory and management company with more than 650 employees. Redcliff provides asset management services to institutional and private investors and has more than $3.3 billion in assets under management. Redcliff’s property management arm manages more than 25 million square feet of retail, office and industrial properties across Canada.

Media Contact: Redcliff Communications and Marketing 416-941-1724
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