RioCan Real Estate Investment Trust
TSX : REI.UN

RioCan Real Estate Investment Trust

November 23, 2009 16:18 ET

RioCan REIT Announces $100.9 Million Public Offering of Trust Units

TORONTO, ONTARIO--(Marketwire - Nov. 23, 2009) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) announced today that it has reached an agreement with a syndicate of underwriters co-led by RBC Capital Markets, TD Securities Inc. and BMO Capital Markets to issue to the public, subject to regulatory approval, 5,500,000 trust units (the "Units") for $18.35 per Unit for gross proceeds of $100,925,000. RioCan has also granted the underwriters an option, exercisable at any time up to 48 hours prior to the closing of the offering, to purchase a further 550,000 units at the issue price which, if fully exercised, would result in additional gross proceeds of $10,092,500.

RioCan will use the proceeds from this equity offering to provide additional financial flexibility to the REIT's substantial liquidity position, to fund development activities and future property acquisitions and for general trust purposes.

The offering is being made under RioCan's base shelf prospectus dated June 13, 2008. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators. The offering is expected to close on or about December 1, 2009.

The press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The Units being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the Units may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration.

About RioCan:

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $7.8 billion as at September 30, 2009. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 247 retail properties, including 13 under development, containing an aggregate of over 59 million square feet. For further information, please refer to RioCan's website at www.riocan.com.

Contact Information

  • RioCan Real Estate Investment Trust
    Rags Davloor
    Senior Vice President & CFO
    (416) 642-3554