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RioCan Real Estate Investment Trust Announces Purchase of Additional Shares of Cedar Shopping Centers, Inc.

Posted on: Tue, 02 Feb 2010 11:30:27 EST

Symbols: REI.UN, RIOCF, CDR

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TORONTO, ONTARIO, Feb 2, 2010 (Marketwire via COMTEX) --

RioCan Real Estate Investment Trust ("RioCan") (TSX: REI.UN | Quote | Chart | News | PowerRating) today announced that as a result of Cedar Shopping Centers, Inc. ("Cedar") (NYSE: CDR | Quote | Chart | News | PowerRating) underwritten public offering of 7,500,000 shares of its common stock, RioCan will purchase 1,250,000 shares of common stock, to maintain its pro rata percentage ownership on a fully diluted basis in Cedar of approximately 14.3%. The purchase price for the shares was the same US$6.60 net offering price in Cedar's public offering, without payment of any underwriting discount, resulting in proceeds to Cedar of approximately US$8.25 million.

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $8.5 billion as at December 31, 2009. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 258 retail properties, including 12 under development, containing an aggregate of over 60 million square feet. RioCan has also agreed to acquire an 80% interest in seven grocery anchored shopping centres in the United States and owns an approximate 14% equity interest in Cedar Shopping Centers, Inc., a real estate investment trust focused on supermarket-anchored shopping centres and drug store-anchored convenience centres located predominantly in the Northeastern United States. For further information, please refer to RioCan's website at www.riocan.com.

SOURCE: RioCan Real Estate Investment Trust

RioCan Real Estate Investment Trust

Rags Davloor

Senior Vice President & CFO

(416) 642-3554

For full details on (REI.UN) REI.UN. (REI.UN) has Short Term PowerRatings at TradingMarkets. Details on (REI.UN) Short Term PowerRatings is available at This Link.

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For full details on Cedar Shopping Centers Inc (CDR) CDR. Cedar Shopping Centers Inc (CDR) has Short Term PowerRatings at TradingMarkets. Details on Cedar Shopping Centers Inc (CDR) Short Term PowerRatings is available at This Link.

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