RioCan Real Estate Investment Trust
TSX : REI.UN

RioCan Real Estate Investment Trust

April 16, 2008 08:48 ET

RioCan Real Estate Investment Trust Announces Completion of $130.5 Million Public Offering of Trust Units

TORONTO, ONTARIO--(Marketwire - April 16, 2008) -

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RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced that it has successfully completed its previously announced issuance of 6,200,000 trust units for $21.05 per unit for gross proceeds of $130,510,000. The underwriting syndicate for the offering was co-led by RBC Capital Markets and BMO Capital Markets. In addition, RioCan has granted the underwriters an option, exercisable at any time up to 30 days after closing of the offering, to purchase a further 930,000 units at the issue price which, if fully exercised, would result in additional gross proceeds of $19,576,500.

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 April 9, 2008, 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 $7.6 billion. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 214 retail properties, including 12 under development, containing an aggregate of over 55 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
    Website: www.riocan.com