RioCan to acquire CPPIB's interest in four properties under $352 million deal

TORONTO – RioCan Real Estate Investment Trust says it has entered into a firm agreement with the Canada Pension Plan Investment Board to acquire their 50 per cent interest in four co-owned properties.

RioCan (TSX:REI.UN) says the $352 million deal, which is anticipated to close before the end of July, would give it full ownership of the properties.

The assets are Grandview Corners in Surrey, B.C., RioCan Meadows in Edmonton, RioCan Beacon Hill in Calgary, and RioCan Centre Burloak in Oakville, Ont.

RioCan also says it would not assume any additional mortgage debt with the acquisition.

The company says the new acquisitions, together with other ones completed since Sept. 30, 2015, represent more than $1.2 billion of recent acquisition activity.