RioCan REIT Acquires Shopping Centres from First Pro

Toronto-based RioCan Real Estate Investment Trust acquired from First Pro Shopping Centres a 100 per cent interest in a portfolio of nine shopping centres located in the provinces of Ontario and Quebec and a 50 per cent co-ownership interest in a tenth shopping centre located in the province of Quebec. The total purchase price was $286 million for the 10 centres. The deal closed on September 24, 2002.

RioCan was represented by Raymond Gelgoot, Domenic Damiani and Alan Frank of Fogler, Rubinoff LLP. First Pro was represented by William Alcamo and Ken Herlin of Goodmans LLP, together with in-house counsel David Taras.