Welcome!

SYS-CON UK Authors: Salvatore Genovese, Jamie Matusow

News Feed Item

RioCan Real Estate Investment Trust Announces the Sale of its Entire Equity Position in Cedar Realty Trust

TORONTO, ONTARIO -- (Marketwire) -- 02/07/13 -- RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced that it has sold all 9.4 million shares of Cedar Realty Trust, Inc. ("Cedar") in a block trade through Goldman, Sachs & Co. for total proceeds of approximately US$48 million.

As previously disclosed on September 6, 2012, RioCan and Cedar announced that they agreed to dissolve their joint venture arrangement, and effective February 1, 2013, RioCan assumed all property and asset management activities for the properties that were previously managed by Cedar. As a result of the sale of these shares held, RioCan no longer has any equity position in Cedar.

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $13.9 billion as at September 30, 2012. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 338 retail properties containing more than 80 million square feet, including 49 grocery anchored and new format retail centres containing 12.4 million square feet in the United States through various joint venture arrangements as at September 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.

Contacts:
RioCan Real Estate Investment Trust
Rags Davloor
Executive Vice President & CFO
(416) 642-3554
www.riocan.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.