We just said Blackstone is cleaning up in 2015—and like clockwork, the private equity behemoth inked a $1.9B deal for RioCan’s 49 US shopping centers, putting an end to the six-year foray into US real estate for Canada's largest retail landlord.
The deal helps free up cash for RioCan's $533M, 23-property acquisition from Kimco Realty.
RioCan CEO Edward Sonshine (third from the left) is pumped to chuck the company’s US assets as part of its strategic review.
Edward says, “The sale will enable management to focus exclusively on RioCan’s operations in Canada, including its significant development pipeline.”
RioCan snagged the US property for C$1.7B during the financial crisis and is getting out while the getting’s good (like other industry bigwigs) for a sweet turnaround of C$2.7B. [Bloomberg]
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