RioCan Announces Closing of $230 Million Public Equity Offering

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TORONTO, Oct. 28, 2019 (GLOBE NEWSWIRE) -- RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) announced today that it has closed its previously announced offering of 8,935,500 trust units (the "Units") (inclusive of 1,165,500 Units issued pursuant to the exercise in full of the underwriters’ over-allotment option) at a price of $25.75 per Unit for gross proceeds of $230,089,125.

The Units were qualified by RioCan’s prospectus supplement dated October 21, 2019 to its short form base shelf prospectus dated July 3, 2018 and were underwritten by a syndicate of underwriters co-led by TD Securities Inc., BMO Capital Markets, CIBC Capital Markets and RBC Capital Markets.

RioCan will use the net proceeds from the offering to repay certain indebtedness incurred in funding recently announced and completed acquisitions, including the acquisitions of (i) the remaining 50% interest in Yonge Sheppard Centre, the nearly one million square foot, urban mixed-used property including a 361-unit residential rental tower currently under construction at the intersection of Yonge Street and Sheppard Avenue in Toronto, (ii) the remaining 50% interest in eCentral, the 466-unit residential rental tower, and the 22,000 square foot retail component of ePlace, a 705,000 square foot mixed-use development at the intersection of Yonge Street and Eglinton Avenue in the heart of midtown Toronto, and (iii) a 50% co-ownership interest in 2323 Yonge Street, a 100% leased office building with market rent upside, street front retail, and significant residential intensification potential in the block immediately north of the intersection of Yonge Street and Eglinton Avenue, adjacent to ePlace and RioCan’s Yonge Eglinton Centre.

These acquisitions strengthen RioCan’s dominant presence in the Yonge and Eglinton and Yonge and Sheppard transit hubs in Toronto and further expand RioCan’s dynamic portfolio of urban mixed-use assets, as well as RioCan Living™, RioCan's residential rental portfolio.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction in which such offer, sale or solicitation would be unlawful. The Units have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws. Accordingly, the Units may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration.

About RioCan

RioCan is one of Canada’s largest real estate investment trusts with a total enterprise value of approximately $14.3 billion as at June 30, 2019. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at June 30, 2019, RioCan’s portfolio is comprised of 230 properties with an aggregate net leasable area of approximately 39.1 million square feet, including residential rental and 13 development properties. To learn more about how we deliver real vision on solid ground, visit .

Forward Looking Information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws. This information reflects RioCan’s objectives, our strategies to achieve those objectives, as well as statements with respect to management’s beliefs, estimates and intentions concerning anticipated future events or expectations that are not historical facts. Forward-looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. All forward-looking information in this press release is qualified by these cautionary statements.

Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan’s current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described in the “Risks and Uncertainties” section in RioCan's MD&A for the period ended June 30, 2019 and in our most recent Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this press release.

Although the forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information.

The forward-looking statements contained in this press release are made as of the date hereof, and should not be relied upon as representing RioCan’s views as of any date subsequent to the date of this press release. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Contact Information

RioCan Real Estate Investment Trust

Qi Tang

Senior Vice President and Chief Financial Officer

416-866-3033 |