RioCan REIT Completes $193M Offering of Trust Units

RioCan Real Estate Investment Trust (“RioCan”) completed its issuance of an aggregate of 6,925,000 trust units (the “Units”) at a price of $27.90 per Unit for aggregate gross proceeds of $193,207,500.

The aggregate offering comprised the initially announced issuance of 6,275,000 Units at $27.90 per Unit for gross proceeds of $175,072,500, together with the option granted to the underwriters, which was exercised in part, for an issuance of an additional 650,000 Units for $27.90 per Unit for additional gross proceeds of $18,135,000. The syndicate of underwriters was co-led by RBC Capital Markets and TD Securities Inc. and included BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., National Bank Financial Inc., Raymond James Ltd., Canaccord Genuity Corp. and Macquarie Capital Markets Canada Ltd.

The offering was made under RioCan's base shelf short form prospectus, which was dated June 11, 2012.

RioCan is Canada's largest real estate investment trust. 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 approximately 79.4 million square feet. These properties include 48 grocery-anchored and new-format retail centres containing 12.3 million square feet in the United States through various joint venture arrangements.

RioCan's portfolio also includes 10 properties under development in Canada.

Goodmans LLP represented RioCan with a team that included David Matlow, Brenda Gosselin and Keir Hunt (corporate/securities) and Maureen Berry (tax). Sébastien Vézina, Michèle Gamache and Jean-François Lauzon of Lavery, de Billy L.L.P. assisted RioCan in Quebec.

Torys LLP represented the Underwriters with a team that included Patricia Koval and Mohammed Muraj (corporate/securities) and Grace Pereira (tax).

Lawyer(s)

David J. Matlow Mohammed Muraj Michèle Gamache Maureen Berry Grace Pereira Keir Hunt Brenda Gosselin Patricia A. Koval Sébastien Vézina