Retail landlord RioCan Real Estate Investment Trust obtained the Toronto Stock Exchange's approval to make a normal course issuer bid for up to 30,579,868 of its trust units, representing approximately 10% of the public float of 305,798,689 as at Sept. 30.

Under the bid, RioCan may purchase a maximum of 178,116 units per day, with the option to make one block purchase per week that exceeds the daily limit.

RioCan will be able to acquire the units for cancellation from about Oct. 22 to Oct. 19, 2019, through facilities of the exchange or through a Canadian alternative trading system at the then-prevailing market price.

The REIT will finance the purchases using available cash and undrawn credit facilities, according to a release.

Under its previous normal course issuer bid for a maximum of 32,520,207 units, RioCan bought and cancelled 20,485,770 units on the open market at a weighted average price of C$24.49 apiece. The previous bid will be terminated Oct. 19.