Top Canadian REIT Raises $124M In Stock Offering

Law360, New York (November 4, 2011, 1:21 PM EDT) -- RioCan, Canada's largest real estate investment trust, has raised CA$126.5 million (US$124 million) in a new stock issuance, aiming to pay down debt from its recent torrent of North American acquisitions, the company said Friday.

With the offering of 5 million shares, including 660,000 snagged by underwriters RBC Capital Markets and TD Securities Inc., RioCan has raised nearly $250 million since September to power its appetite for retail properties throughout the U.S. and Canada.

RioCan Chief Financial Officer Rags Davloor said Friday the issuance was not...
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