RioCan Real Estate Investment Trust
TSX : REI.UN

RioCan Real Estate Investment Trust

October 27, 2011 18:21 ET

RioCan REIT Announces Increase of Previously Announced Public Offering to $110 Million

TORONTO, ONTARIO--(Marketwire - Oct. 27, 2011) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) announced today that it has amended the terms of its previously announced public offering of trust units. RioCan has reached an agreement with a syndicate of underwriters co-led by RBC Capital Markets and TD Securities Inc. to issue to the public, subject to regulatory approval, 4,427,500 trust units (the "Units") for $24.85 per Unit for gross proceeds of $110,023,375. RioCan has also granted the underwriters an option, exercisable at any time up to 48 hours prior to the closing of the offering, to purchase a further 664,125 units at the issue price which, if fully exercised, would result in additional gross proceeds of $16,503,506.

RioCan will use the proceeds from this equity offering to repay certain indebtedness, for property acquisitions, to fund development and for general trust purposes.

The offering is being made under RioCan's amended and restated base shelf short form prospectus dated December 21, 2010 amending and restating the base shelf short form prospectus dated July 6, 2010. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators. The offering is expected to close on or about November 4, 2011.

The press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The Units being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the Units may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration.

About RioCan:

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $11.9 billion as at September 30, 2011. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 314 retail properties containing an aggregate of over 75 million square feet, including 10 under development, and 38 grocery anchored and new format retail centres in the United States through various joint venture arrangements. 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