RioCan Real Estate Investment Trust
TSX : REI.UN

RioCan Real Estate Investment Trust

February 02, 2010 11:30 ET

RioCan Real Estate Investment Trust Announces Purchase of Additional Shares of Cedar Shopping Centers, Inc.

TORONTO, ONTARIO--(Marketwire - Feb. 2, 2010) - RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced that as a result of Cedar Shopping Centers, Inc. ("Cedar") (NYSE:CDR) underwritten public offering of 7,500,000 shares of its common stock, RioCan will purchase 1,250,000 shares of common stock, to maintain its pro rata percentage ownership on a fully diluted basis in Cedar of approximately 14.3%. The purchase price for the shares was the same US$6.60 net offering price in Cedar's public offering, without payment of any underwriting discount, resulting in proceeds to Cedar of approximately US$8.25 million.

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $8.5 billion as at December 31, 2009. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 258 retail properties, including 12 under development, containing an aggregate of over 60 million square feet. RioCan has also agreed to acquire an 80% interest in seven grocery anchored shopping centres in the United States and owns an approximate 14% equity interest in Cedar Shopping Centers, Inc., a real estate investment trust focused on supermarket-anchored shopping centres and drug store-anchored convenience centres located predominantly in the Northeastern United States. 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