Canada’s RioCan Real Estate Investment Trust (REI_u.TO) said it plans to sell about 6.9 million shares for gross proceeds of nearly C$100 million ($92.25 million).
The sale price of C$14.50 per unit represents a 6 percent discount to the units’ Monday close of C$15.46 on the Toronto Stock Exchange.
RioCan said it will use the proceeds to provide additional financial flexibility, to fund development activities and future property acquisitions and for general trust purposes.
The offering is expected to close on or about June 10, it said.
Read Ashutosh Joshi’s full release “RioCan REIT to raise C$100 mln through units offering” from Reuters (June 1 2009).