RioCan Real Estate Investment Trust

RioCan Real Estate Investment Trust

July 26, 2005 16:48 ET

RioCan Real Estate Investment Trust Completes Previously Announced Agreement To Sell $182 Million Enclosed Mall Portfolio To Retrocom Mid-Market REIT

TORONTO, ONTARIO--(CCNMatthews - July 26, 2005) - RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced that it has completed the previously announced agreement with Retrocom Mid-Market REIT ("Retrocom") to sell to Retrocom seven enclosed malls for a purchase price of $182 million.

The seven properties, totaling over 1.8 million square feet, in this portfolio include: South Hill Mall, Prince Albert, Saskatchewan; Southland Mall, Regina, Saskatchewan; Town N Country Mall, Moose Jaw, Saskatchewan; Elgin Mall, St. Thomas, Ontario; Mountainview Mall, Midland, Ontario; Orangeville Mall, Orangeville, Ontario; and Plaza LaSarre, LaSarre, Quebec.

Edward Sonshine, Q.C., President and CEO of RioCan, said, "We are extremely pleased with the successful outcome of this transaction. It represents a significant stride towards fulfillment of our core strategy of owning, developing and managing properties in the six primary markets in Canada that have consistently experienced population growth and owning dominant centres in the strong secondary markets across Canada."

RioCan will perform all property management functions for the portfolio for a period of three years from closing.

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 195 retail properties across Canada containing an aggregate of 46 million square feet, including partners' and shadow anchors' interests.

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