|By Marketwire .||
|February 7, 2013 06:24 PM EST||
TORONTO, ONTARIO -- (Marketwire) -- 02/07/13 -- RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced that it has sold all 9.4 million shares of Cedar Realty Trust, Inc. ("Cedar") in a block trade through Goldman, Sachs & Co. for total proceeds of approximately US$48 million.
As previously disclosed on September 6, 2012, RioCan and Cedar announced that they agreed to dissolve their joint venture arrangement, and effective February 1, 2013, RioCan assumed all property and asset management activities for the properties that were previously managed by Cedar. As a result of the sale of these shares held, RioCan no longer has any equity position in Cedar.
RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $13.9 billion as at September 30, 2012. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 338 retail properties containing more than 80 million square feet, including 49 grocery anchored and new format retail centres containing 12.4 million square feet in the United States through various joint venture arrangements as at September 30, 2012. RioCan's portfolio also includes 10 properties under development in Canada. For further information, please refer to RioCan's website at www.riocan.com.
RioCan Real Estate Investment Trust
Executive Vice President & CFO