Centers totalling 1.2 mln sq ft located Western Canada

(Source: Reuters)

RioCan Real Estate Investment Trust (TSX: REI.UN) said on Tuesday it has expanded its portfolio in Western Canada with four shopping centers, and will soon count Wal-Mart Stores Inc. (WMT.N) as its third-largest tenant.

RioCan said it has waived conditions and expects to close on four retail shopping centers totalling 1.2 million square feet before the end of the year in British Columbia and Alberta.

Three of the four properties are anchored by Walmart, the world’s largest retailer, which represents 54 percent of the occupied space by gross leasable area and generates 34 percent of the gross rental revenue.

Read Ka Yan Ng’s full article “RioCan announces contracts on 4 shopping centers” in Reuters (December 1, 2009).

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