RioCan REIT signalled it plans to be a buyer of properties on Monday by selling $180-million of bonds.
RioCan, one of Canada’s largest shopping mall owners, sold five-year bonds that pay 8.33 per cent interest in a deal led by RBC Dominion Securities.
Part of the cash – $55-million – is earmarked for paying down debts that are coming due in the next year. The company said the remainder of the money will pay for development of existing properties and acquisitions.
Read Andrew Willis’ full article “RioCan builds a war chest” in the Globe and Mail (March 31, 2009)