RioCan REIT Acquires Portfolio of Five Shopping Centres from Runnymede Development

RioCan Real Estate Investment Trust (“RioCan”) completed the acquisition of a portfolio of five shopping centres located in the Province of Ontario from Runnymede Development Corporation Limited (“Runnymede”) for a total purchase price of approximately $91 million.

The portfolio consisted of Ajax Marketplace in Ajax; Glendale Marketplace in Pickering; Victoria Crossing Marketplace in Toronto; Spring Farm Marketplace in Vaughan; and Dundas/427 Marketplace in Mississauga. The portfolio totalled approximately 360,608 square feet.

The purchase price was satisfied by the assumption of mortgages and the issuance of limited partnership units of a newly created limited partnership subsidiary of RioCan, which limited partnership units are exchangeable into trust units of RioCan.

RioCan was represented by Fogler Rubinoff LLP, with a team including Raymond Gelgoot, Leneo Sdao and Avi Sugar (real estate).

RioCan was also represented by Ronald Wilson (tax) of Davies Ward Phillips & Vineberg LLP and by Brenda Gosselin (securities) of Goodmans LLP.

Runnymede was represented in-house by its general counsels, Patrick Bradley and Reuben Rosenblatt, and by Davies Ward Phillips & Vineberg LLP, with a team including Gregory Howard, Steven Martin and David Reiner (real estate); John Ulmer and Elie Roth (tax) and Mindy Gilbert and Michael Jemczyk (securities).

Lawyer(s)

Raymond M. Gelgoot David Reiner Gregory J. Howard John M. Ulmer Leneo E. Sdao Michael Jemczyk Bernard R. Gosselin Avi Sugar Elie Roth Steven R. Martin Ronald S. Wilson Mindy B. Gilbert

Firm(s)

Fogler, Rubinoff LLP Davies Ward Phillips & Vineberg LLP Goodmans LLP