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RioCan's sale of US portfolio to Blackstone fund delayed

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RioCan's sale of US portfolio to Blackstone fund delayed

The closing of RioCanReal Estate Investment Trust's $1.9 billion of its portfolio of U.S. retailproperties will be delayed as a result of needing additional time to fulfillone of the principal closing conditions necessary to obtain the consent ofthird-party lenders.

Rather than closing by April 30, as previously expected, thetransaction documents now contemplate a closing by the end of August. However,the company said its management is confident the deal will close by the end ofthe second quarter.

RioCan announced in December 2015 that it agreed to sell itsportfolio of 49 properties located in the Northeastern U.S. and Texas toBlackstone Group LP'sBlackstone Real Estate Partners VII. The company plans to use some of theproceeds to repay operating lines that were used to 's interest in 23Canadian properties.