RioCan REIT Completes $126.5M Offering

RioCan Real Estate Investment Trust (TSX:REI.UN) completed its issuance of an aggregate of 5,091,625 trust units at a price of $24.85 per unit for aggregate gross proceeds of $126,526,881.25. The aggregate offering was comprised of the previ-ously announced issuance of 4,427,500 units at $24.85 per unit for gross proceeds of $110,023,375, together with the option granted to underwriters, which was exercised in full, for an issuance of an additional 664,125 units for $24.85 per unit for additional gross proceeds of $16,503,506.25.

RioCan is Canada's largest real estate investment trust. It owns and manages Canada's largest portfolio of shopping centres, holding an interest in a portfolio of 314 retail properties containing an aggregate of over 73 million square feet.

The underwriting syndicate for the offering 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., Brookfield Financial Corp., Canaccord Genuity Corp., Citigroup Global Markets Canada Inc., Macquarie Capital Markets Canada Ltd., and Raymond James Ltd.

The offering was made under RioCan's amended and restated base shelf short form prospectus dated December 21, 2010.

Goodmans LLP represented RioCan with a team that included David Matlow, Brenda Gosselin, Keir Hunt (corpo-rate/securities) and Maureen Berry (tax). Sébastien Vézina of Lavery, de Billy L.L.P. assisted RioCan in Q uébec.

Torys LLP represented the underwriters with a team that included Christopher Fowles, Ryan Unruch, Mohammed Muraj (corporate/securities); Grace Pereira (tax); Reesha Hosein (employment); Tyson Dyck (environmental) and Bill Lamoureux (real estate).