RioCan Real Estate Investment Trust Announces Exercise by Underwriters of Over-Allotment Option for Cumulative Rate Reset Preferred Trust Units, Series A

TORONTO, ONTARIO--(Marketwire - Feb. 15, 2011) -

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RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced that the underwriters of its recent public offering of Cumulative Rate Reset Preferred Trust Units, Series A ("Series A Units") have exercised their over-allotment option to purchase an additional 1,000,000 Series A Units at a price of $25.00 per unit for aggregate additional gross proceeds of $25,000,000. Completion of the purchase of the additional Series A Units is expected to occur on or about February 17, 2011. The underwriting syndicate for the offering was co-led by RBC Capital Markets, Macquarie Capital Markets Canada Ltd. and Scotia Capital. 

The offering is made under RioCan's amended and restated base shelf prospectus dated December 21, 2010. The terms of the offering are described in a prospectus supplement dated January 19, 2011, which was filed with Canadian securities regulators. 

The number of Series A Units for which the option was granted inadvertently exceeded the limit provided for in securities legislation. The error was the result of an oversight and was unintentional. RioCan and the underwriters have advised the regulators of the error and have taken steps to ensure that future offerings adhere to the limit.

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $10.1 billion as at December 31, 2010. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 297 retail properties, including 10 under development, containing an aggregate of over 66 million square feet. RioCan owns an 80% interest in 31 grocery anchored and new format retail centres in the United States through various joint venture arrangements. In addition, RioCan owns a 14% equity interest in Cedar Shopping Centres, 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.