Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

BRIEF-RioCan REIT to sell U.S. portfolio of 49 retail properties for $1.9 bln

Published 2015-12-18, 08:09 a/m
© Reuters.  BRIEF-RioCan REIT to sell U.S. portfolio of 49 retail properties for $1.9 bln
MS
-
BX
-
REI_u
-

Dec 18 (Reuters) - RioCan Real Estate Investment Trust REI_u.TO :
* Announces results of its strategic review of the trust's U.S. operations
* Reit - entered agreement with Blackstone (N:BX) real estate partners VIII to sell
its U.S. portfolio of 49 retail properties
* Estate - to sell U.S. portfolio of 49 retail properties at total sale price
of US$1.9 billion or C$2.7 billion
* Reit says will take advantage of an opportunity to repatriate capital
estimated to be approximately C$1.2 billion
* Reit-entered into an agreement with Blackstone real estate partners VIII to
sell its U.S. portfolio of 49 retail properties
* Says RioCan will receive approximately C$1.2 billion of net proceeds
* Says Morgan Stanley (N:MS) and rbc capital markets are acting as financial advisors
* Reit - established and put in place strategy that will both reduce dilutive
effects of sale and allow RioCan to fortify balance sheet in 2016
* Says Blackstone will assume or repay the debt on the portfolio of
approximately US$0.9 billion
* Reit says taxes and transaction costs to be incurred by the trust are
expected to be approximately US$130 million
* Reit - from proceeds,c$510 million will be used to repay lines that were used
to complete co's acquisition of kimco's interest in 23 properties
* Says remaining portion of net proceeds of approximately C$725 million will be
used to reduce debt
* Source text for Eikon ID:nMKWx9Bgqa
* Further company coverage REI_u.TO

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.