RioCan REIT Announces Appointment of Siim A. Vanaselja to Board of Trustees

TORONTO, ONTARIO--(Marketwired - May 5, 2017) - RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) announced today that Siim A. Vanaselja has been appointed to RioCan's Board of Trustees.

"We are very pleased that Siim has agreed to join RioCan's Board of Trustees, his capabilities as a leader in Canadian business, strategy and finance will serve our Board well," said Paul Godfrey, Chair of RioCan's Board of Trustees. "His past experience as CFO of one of Canada's most storied organizations will enhance the strength of our Board and we will draw on his knowledge for RioCan's Audit Committee."

"Myself, and the entire senior management team look forward to working with Mr. Vanaselja as a member of the Board of Trustees," said Edward Sonshine, Chief Executive Officer of RioCan. "He will bring a great new perspective to our Board as we continue to transform and enhance our portfolio of shopping centres into Canada's leading portfolio of urban mixed-use and retail properties."

Mr. Vanaselja was the Executive Vice-President & Chief Financial Officer of BCE Inc. and Bell Canada from January 2001 to June 2015. Prior to joining BCE Inc., he was a partner at the accounting firm, KPMG Canada in Toronto. Mr. Vanaselja has been designated as the next Chair of TransCanada Corporation, and serves on the boards of Great-West Lifeco Inc. and Maple Leaf Sports and Entertainment Ltd.

He is a member of the Institute of Corporate Directors and the Chartered Professional Accountants of Ontario. Mr. Vanaselja holds an Honours Bachelor of Business degree from the Schulich School of Business. His community involvement has included work with Big Brothers Big Sisters of Toronto, St. Mary's Hospital, the Heart and Stroke Foundation of Québec and the annual Walk for Kids Help Phone.

About RioCan:

RioCan is Canada's largest real estate investment trust with a total enterprise value of approximately $14.6 billion as at December 31, 2016. RioCan owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 300 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 47 million square feet. For further information, please refer to RioCan's website at www.riocan.com.