A month after tapping the bond markets for $150-million, RioCan REIT said Monday it will raise another $100.9-million by issuing new units. The country's largest shopping mall trust will sell 5.5-million units at $18.35 each in a bought deal offering, a slight discount to Monday's closing price of $18.70.
While it has raised millions this year, it also hasn't been shy to spend. Last week it said it would pay $170-million for eight Canadian retail properties, in deals that are expected to close early next year. It also said it had deals in its pipeline that could cost as much as $335-million over the next year, though it stressed the deals are still going through due diligence and may not happen.
Earlier in the month, it said it would spend $141-million in a joint venture acquisition of seven grocery anchored properties with Cedar Shopping Centers Inc. in the Northeastern United States. Two of these acquisitions are expected to close this quarter with the remaining five properties closing in the first quarter of 2010.