New partner for RioCan

Article Excerpt

RIOCAN REIT $23.20 (Toronto symbol REI.UN; Units outstanding: 250.9 million; Market cap: $5.8 billion; TSINetwork Rating: Average; Dividend yield: 5.8%; www.riocan.com) has announced a new joint venture with U.S.-based Tanger Factory Outlet Centers. Over the next five to seven years, the two partners plan to build between 10 and 15 discount shopping malls in major Canadian cities. These new malls will use the successful Tanger format, which features outlet stores of upscale fashion retailers. RioCan and Tanger will each own 50% of these properties. RioCan will manage the malls, and Tanger will handle leasing and marketing. These new malls will make it easier for U.S. retailers to expand to Canada. That’s because many of these retailers already rent space in Tanger’s U.S. malls. RioCan is a buy. buy…