You can mark Edward Sonshine’s words: RioCan REIT will expand south of the U.S. border.
And it will grow all by itself.
RioCan’s first foray into the United States came almost three years ago when the REIT signed a joint-venture agreement with Cedar Shopping Centers Inc. Together, the two companies scooped up 25 retail properties in the U.S. northeast, with RioCan taking 80 per cent stakes and Cedar taking the remaining portions. RioCan’s U.S. properties now generate about 15 per cent of the REIT’s revenues.