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RioCan to dissolve joint venture with Retail Properties of America in Texas

TORONTO, Cananda – RioCan Real Estate Investment Trust (TSX:REI.UN) said Monday it has signed a deal to wind up its joint venture with Retail Properties of America Inc.

The agreement will see Retail Properties of America sell its 20 per cent interest in eight properties to RioCan for $96.6 million, while the Canadian trust will sell its 80 per cent interest in the other five properties to its partner for $102.8 million.

The eight properties kept by RioCan include shopping centres in Austin, San Antonio, Temple, Houston and Dallas.

The trust said the total value of the eight properties was more than $480 million.

RioCan is Canada’s largest real estate investment trust with a portfolio of shopping centres including 344 retail properties.