RioCan Announces Firm Agreement to Acquire CPPIB's Interest in Four Properties and Provides an Update on Recent Acquisition Activities
RioCan Real Estate Investment Trust | July 21, 2016
RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced that it has entered into a firm agreement with Canada Pension Plan Investment Board's ("CPPIB") to acquire their interest in four properties that are currently co-owned, which is anticipated to close before the end of July 2016. RioCan will purchase CPPIB's 50% interest at an aggregate purchase price of $352 million and will not assume any additional mortgage debt from the seller in connection with the acquisition. As a result of the purchase, RioCan will own 100% of these four assets.