RioCan Real Estate Investment Trust

RioCan Real Estate Investment Trust

August 30, 2005 11:48 ET

RioCan Real Estate Investment Trust Announces $44.5 Million Acqusition Of Urban Retail Centre In Vancouver

TORONTO, ONTARIO--(CCNMatthews - Aug. 30, 2005) - RioCan Real Estate Investment Trust ("RioCan")(TSX:REI.UN) today announced that it has completed the acquisition of 2290 Cambie Street, in Vancouver, British Columbia for a purchase price of $44.5 million.

This newly constructed 149,000 square foot 4-storey retail facility is located at the corner of Cambie Street and 7th Avenue. The complex recently opened for business and features two of Canada's premier retailers, Canadian Tire and Best Buy, with long term leases of twenty and fifteen years, respectively.

Edward Sonshine, Q.C., President and CEO of RioCan, said, "We are extremely pleased to acquire such a high calibre urban retail centre, both from a location and tenant quality viewpoint. With city densification projects dramatically on the rise, this multi-level concept allows large format retailers to open locations in urban sites, which until recently have been extremely difficult to obtain due to planning restrictions and the lack of available land. This multi-level format will become a model for many of RioCan's urban sites as we continue extracting the maximum value from every property in our portfolio."

About RioCan

RioCan's purpose is to deliver to its unitholders stable and reliable cash distributions, which continuously increase over time. RioCan is Canada's largest real estate investment trust with total assets of approximately $4.2 billion. It has ownership interests in a portfolio of 196 retail properties, including eight under development, across Canada containing an aggregate of 47 million square feet, including partners' and shadow anchors' interests.

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