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RioCan REIT gets approval for renewal of normal course issuer bid

The Toronto Stock Exchange approved RioCan Real Estate Investment Trust's normal course issuer bid to acquire up to a maximum of 30,724,496 of its units over the next 12 months.

The number of approved units translates to about 10% of RioCan's public float of 307,244,969 units as of Oct. 8.

Under its previous normal course issuer bid, the retail real estate investment trust purchased for cancellation 3,380,746 out of a total of 30,579,868 units it was authorized, at a weighted average purchase price of C$24.92 per unit.

RioCan may initiate purchasing the units by Oct. 22 under the new bid, which will run through Oct. 23, 2020.