RioCan Real Estate Investment Trust TSX : REI.UN

January 10, 2007 09:28 ET

RioCan Real Estate Investment Trust and Ramco-Gershenson Properties Trust Announce Termination of Negotiations

TORONTO, ONTARIO--(CCNMatthews - Jan. 10, 2007) - RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) and Ramco-Gershenson Properties Trust ("Ramco") announced today that all negotiations between the parties have been terminated in connection with the Memorandum of Understanding relating to the formation of a U.S. joint venture described in RioCan's press release issued on December 12, 2006. RioCan and Ramco determined during the discussions and the due diligence period that proceeding with the transaction is not in the best interest of either party.

About RioCan

RioCan is Canada's largest real estate investment trust with a total market capitalization of approximately $7.6 billion. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 204 retail properties, including 8 under development, containing an aggregate of over 50.7 million square feet. For further information, please refer to RioCan's website at www.riocan.com.