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RioCan REIT gets approval for normal course issuer bid

RioCan Real Estate Investment Trust received approval for its normal course issuer bid from the Toronto Stock Exchange.

Accordingly, the company may purchase up to a maximum of 32,520,207 of its units on the bourse for cancellation. The company plans to finance the purchases out of its available cash and undrawn credit facilities.

The purchases can take place during a 12-month period starting on or about Oct. 20.