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RioCan REIT launches C$200M bought-deal trust unit offering

RioCan Real Estate Investment Trust launched a bought-deal offering of 7,770,000 trust units at C$25.75 apiece to raise gross proceeds of approximately C$200 million.

The shopping center landlord granted the underwriters a 30-day overallotment option to acquire up to 1,165,500 additional units.

The company aims to use the net proceeds mainly to repay certain debt incurred in funding its recent acquisitions.

The syndicate of underwriters for the offering is co-led by TD Securities Inc., BMO Capital Markets, CIBC Capital Markets and RBC Capital Markets, and closing is expected on or about Oct. 28.