RioCan Buys 5 Toronto-Area Malls For $90M

Law360, New York (December 1, 2011, 3:18 PM EST) -- RioCan, Canada's largest real estate investment trust, has acquired a portfolio of five Toronto-area malls from Runnymede Development Corp. Ltd. for CA$91.1 million (US$89.9 million), RioCan announced Thursday.

The REIT said it would assume a 100 percent stake in the five grocery-anchored properties, which have a combined 360,000 square feet of retail space. It will acquire the portfolio via a $74.8 million equity issuance and the assumption of $15.1 million in debt financing for the properties, according to a statement.

The transaction is expected to be...
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