RioCan REIT Completes $111M Public Offering of Trust Units

On December 1, 2009, RioCan Real Estate Investment Trust completed its previously announced issuance of 5,500,000 trust units for $18.35 per unit for gross proceeds of $100,925,000, together with the over-allotment option exercised in full by underwriters for an issuance of an additional 550,000 trust units for $18.35 per unit for additional gross proceeds of $10,092,500.

The offering was completed under RioCan's base shelf prospectus dated June 13, 2008 and underwritten by a syndicate of underwriters co-led by RBC Capital Markets, TD Securities Inc. and BMO Capital Markets and including CIBC World Markets Inc., Scotia Capital Inc., National Bank Financial Inc., Genuity Capital Markets, Macquarie Capital Markets Canada Ltd. and Raymond James Ltd.

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 258 retail properties, including 12 under development, containing an aggregate of over 60 million square feet.

Goodmans LLP represented RioCan with a team that included David Matlow, Brenda Gosselin and Keir Hunt (corporate) and Maureen Berry and Jarrett Freeman (tax). Jean-François Lauzon and Michèle Gamache of Lavery, de Billy L.L.P. assisted RioCan in Québec and Christopher Morgan and David Beeston of Skadden, Arps, Slate, Meagher & Flom LLP represented RioCan in the US.

Torys LLP represented the underwriters with a team that included Christopher Fowles and Amanda Kieswetter (Canadian corporate); Andrew Beck (US corporate); Andrew Wong (Canadian tax) and David Mattingly (US tax).