RioCan to sell U.S. retail properties to Blackstone for $2.7 bln
RioCan Real Estate Investment Trust (TSX: REI.UN) has agreed to sell its portfolio of 49 retail properties in the Northeastern United States and Texas for $2.7 billion (US$1.9 billion). The deal, which is expected to close in April 2016, will see the properties go to a real estate private equity fund affiliated with the Blackstone Group. RioCan, a Canadian real estate investment trust, acquired the U.S. properties between 2009 and 2015 for about $1.7 billion. It said their sale was the result of a strategic review and will enable the business to focus on its domestic growth strategy and development pipeline.
18 December 2015•10 mins read
