TIAA-CREF, RioCan OMERS Invest in Fund

RioCan Real Estate Investment Trust announced, on August 21, 2003, the formation of the RioCan Retail Value Limited Partnership with the Ontario Municipal Employees Retirement System (OMERS) and the Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), a US pension fund.

The partnership will acquire underperforming shopping centres in Canada, which have the potential for significant value-added, redevelopment or repositioning opportunities, and then to dispose of these assets over a period of years. RioCan will use its expertise in redevelopment and leasing to improve the cash flow quality and liquidity of properties acquired. The partners have committed to invest $200 million, which, when taken together with third-party debt, will enable the partnership to invest more than $500 million in targeted investments.

RioCan was represented by Davies Ward Phillips & Vineberg LLP, with a team that included Ron Wilson and Steven Harris in Toronto and Charles Malone in New York. TIAA-CREF and OMERS were represented by Torys LLP, with a team that included Paul Kennedy, Rose Bailey, John Unger, Peter Ballantyne, Tim Rorabeck and David Steele in Toronto and Jeff Scheine, Gary Litke and Chris Bordoni in New York.


Jeffrey D. Scheine Ronald S. Wilson Timothy P. Rorabeck Gary Litke Rose T. Bailey Peter D. Ballantyne Steven M. Harris John Unger Christopher A. Bordoni David A. Steele


Davies Ward Phillips & Vineberg LLP Davies Ward Phillips & Vineberg LLP Torys LLP