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RioCan Completes US Portfolio Sale To Blackstone


Following a brief delay, RioCan REIT says it’s completed the sale of its 49 US retail properties to Blackstone Real Estate Partners. The properties, in the northeastern US and Texas, sold for US$1.9B in what RioCan investments SVP Jonathan Gitlin describes as a “very large and involved sale process.” With the deal done, CEO Edward Sonshine says RioCan can now focus completely on its Canadian operations, development and redevelopment portfolio (including its Kimco Realty Corp acquisitions) and “begin to put the net sale proceeds to use to create one of the strongest balance sheet profiles for REITs in Canada."