TORONTO, ONTARIO--(Marketwire - Sept. 10, 2012) -
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 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, 6,275,000 trust units (the "Units") for $27.90 per Unit for gross proceeds of $175,072,500. 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 941,250 units at the issue price which, if fully exercised, would result in additional gross proceeds of $26,260,875.
RioCan will use the proceeds from this equity offering to repay indebtedness, including indebtedness incurred in the ordinary course under RioCan's operating lines of credit, for property acquisitions, to fund development and for general trust purposes.
The offering is being made under RioCan's base shelf short form prospectus dated June 11, 2012. 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 September 19, 2012.
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.
RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $13.6 billion as at June 30, 2012. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 336 retail properties containing an aggregate of 79.4 million square feet, including 48 grocery anchored and new format retail centres containing 12.3 million square feet in the United States through various joint venture arrangements as at June 30, 2012. RioCan's portfolio also includes 10 properties under development in Canada. For further information, please refer to RioCan's website at www.riocan.com.