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Aug

04

RioCan Mulls Sale of US Holdings

By Tony Seruga

Headquartered in Toronto, RioCan isCANADA’S largest REIT.

TORONTO—Citing increasing expenses and competitive pressures, shopping center owner RioCan Real Estate Investment Trust said Friday it was exploring its options for its US portfolio, including a possible sale. That’s the case even as the company’s second-quarter results show higher same-store earnings growth for its US properties than for its assets in CANADA, where it’s the largestREIT in that country.

RioCan has tapped Morgan Stanley and the ROYAL BANK OF CANADA for a strategic review of its US operations, which are concentrated mainly in Texas and the Northeast. Alternatives for RioCan’s holdings in this country include, but are not limited to, continuing to operate and invest in the US portfolio, selling some or all of its properties in the US or forming a joint venture.BLOOMBERG Business reported Friday that the portfolio could be worth US$2 billion to $2.2 billion…

RioCan Mulls Sale of US Holdings

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