Canada's RioCan REIT launches new investment platform in U.S.

10/27/2009 | CRENews.com

Canada's largest REIT, RioCan, has signed a deal to acquire a substantial stake in Cedar Shopping Centers of Port Washington, N.Y., and turn it into an investment platform that will acquire supermarket-anchored shopping centers in the U.S. The Canadian REIT is ready to spend as much as $500 million in the U.S. Mid-Atlantic and Northeast. As part of the new arrangement, Cedar Shopping Centers has agreed to sell its partial ownership stakes in seven shopping centers to a new entity formed with RioCan. The transaction was valued at $300 million.

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