RioCan Real Estate Investment Trust
TSX : REI.UN

RioCan Real Estate Investment Trust

February 01, 2007 09:22 ET

RioCan Real Estate Investment Trust Announces Completion of $166.65 Million Public Offering of Trust Units

TORONTO, ONTARIO--(CCNMatthews - Feb. 1, 2007) -

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RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced that it has successfully completed its previously announced issue of 6,000,000 trust units from treasury at a price of $25.25 per unit. In addition, the underwriters have exercised the option granted to it by RioCan to purchase an additional 600,000 trust units at the same price so that RioCan has issued a total of 6,600,000 units for aggregate gross proceeds of $166.65 million.

RioCan also announced today that it has completed the previously announced acquisition of Yonge Eglinton Centre. Yonge Eglinton Centre is a leading 1,012,500 square foot mixed-use complex located at the northwest corner of Yonge Street and Eglinton Avenue, an important intersection and crossroad in midtown Toronto. The property is comprised of two office towers, four levels of retail and an underground parking structure.

The offering was made under RioCan's base shelf prospectus dated May 19, 2006. The terms of the offering are described in a prospectus supplement dated January 22, 2007, which was filed with Canadian securities regulators.

About RioCan

RioCan is Canada's largest real estate investment trust with a total market capitalization of approximately $8 billion. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 206 retail properties, including 9 under development, containing an aggregate of over 52.1 million square feet. For further information, please refer to RioCan's website at www.riocan.com.

Contact Information

  • RioCan Real Estate Investment Trust
    Edward Sonshine, Q.C.
    President & CEO
    (416) 866-3018
    Website: www.riocan.com