TORONTO, ONTARIO -- (MARKET WIRE) -- 11/09/06 -- RioCan Real Estate Investment Trust ("RioCan") (TSX: REI.UN) today announced the closing of phase I of Quartier DIX30, located in Brossard, Quebec, at the intersection of Highways 10 and 30, Canada's first lifestyle centre. Phase I consists of approximately 400,000 square feet of newly constructed retail space.

Devimco Inc. ("Devimco"), a pioneer in the development of power centres in Quebec, has been responsible for Quartier DIX30's development and leasing since its inception.

Upon full completion, Quartier DIX30 will be Canada's first lifestyle centre, comprising over 1.2 million square feet and boasting over 140 stores and services. It will be home to a variety of anchors such as Loblaws and RONA (both retailer owned), Canadian Tire, Cineplex Odeon, Winners, HomeSense, Staples/Business Depot and Indigo, as well as a boutique hotel, 900-seat live theatre and concert hall, spa and gym, plus Canada's top fashion retailers and restaurants. The centre will create an intimate, neighbourhood-like feeling within a world-class shopping and entertainment district on the south shore of Montreal.

The development of Quartier DIX30 was originally planned in three phases. Phase I of the project recently opened for business and features an impressive mix of 78 stores and services including Cineplex Odeon, Sports Experts, Indigo, Winners, HomeSense, Pier I Imports, Browns, Jacob, La Vie En Rose, Roots, Tommy Hilfiger, Mexx, RW & CO., Tristan and America, West Coast, Costa Blanca, Reitmans and many other national retailers. Phase II is scheduled to open in April 2007 and will consist of an additional 40 stores including H&M, American Eagle Outfitters, Urban Planet, Nine West, Urban Behaviour and Feet First. Phase III will officially open in the fall of 2007 and will feature a boutique hotel, live theatre and concert hall, spa and gym, and a number of eateries. Phase IV goes beyond the initial agreement and comprises approximately 36 acres of adjacent land. Together, RioCan and Devimco will co-develop this purchased land.

RioCan has been in a 50% ownership position since the beginning of development. The remaining 50% is jointly owned by the Fonds de placement immobilier BB (25%), the Societe de transport de Montreal Employees Pension Fund (15%) and the City of Quebec Employees Pension Fund (10%). RioCan is in charge of property management.

Edward Sonshine, Q.C., President and Chief Executive Officer of RioCan, said, "This lifestyle centre will be the first of its kind in Canada. Devimco, through its forward thinking and development expertise, has taken new format retail to new heights, which we recognized when we first saw this project in its planning phase. We are excited to be part of the project and look forward to providing a first rate shopping environment for our customers and tenants to enjoy."

About RioCan

RioCan is Canada's largest real estate investment trust with a total market capitalization of approximately $7.5 billion. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 204 retail properties, including 8 under development, containing an aggregate of over 50.7 million square feet. For further information, please refer to RioCan's website at www.riocan.com.

Contacts:
RioCan Real Estate Investment Trust
Edward Sonshine, Q.C.
President & CEO
(416) 866-3018
Website: www.riocan.com