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Why RioCan’s US Portfolio Sale To Blackstone Was Delayed

Why RioCan’s US Portfolio Sale To Blackstone Was Delayed

RioCan REIT’s sale of 49 US retail properties to Blackstone Real Estate Partners has been delayed, “a result of the time involved in obtaining the consent of various third-party lenders required to fulfill one of the principal closing conditions,” the REIT said last week. RioCan announced the sale of its portfolio of northeastern US and Texas properties last December. The deal was set to close April 30, but RioCan says closing could occur “at any time up” to the end of August. The US property sale is part of RioCan’s strategy to refocus exclusively on its Canadian operations; it also will provide capital to fund the trust's Kimco Realty Corp acquisition.