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Is RioCan Selling Its US Assets?

Toronto Retail

RioCan REIT says it’s exploring the potential sale of its US assets, many of which were acquired amid the financial crisis in Q4 2009. The portfolio’s asset value has since grown, helped by a significantly weaker loonie. In a Q2 update for investors last week, RioCan, the country’s largest REIT, said it’s undertaking a strategic review of options for its US operations, including continuing to operate and invest in its US portfolio; selling some or all of its US properties there; or “other strategic joint venture alternatives.” RioCan has 28 income-producing properties in the northeastern US, including Sunrise Plaza in New Jersey (above).