RioCan Real Estate Investment Trust (REI_u.TO) is looking at acquisition opportunities in Canada in the short term and will likely close a deal by the end of the year, Chief Executive Edward Sonshine said in an interview with Reuters.
RioCan has enough cash in hand to fund the deal with C$300 million ($278.8 million) in cash, plus an additional C$200 million in operating lines, the CEO said, adding that the company is not planning any more equity offerings in the short term.
“We keep looking outside the country but haven’t found anything substantial. So the short-term answer is it will be in Canada, longer-term it will change,” Sonshine said.
“I suspect toward the end of the third quarter, the beginning of the fourth is when we’ll be able to actually close some acquisitions,” Sonshine added.
Read Isheeta Sanghi’s full article “RioCan eyes acquisition in Canada by year end: CEO” in Reuters (July 28, 2009).