RIOCAN REIT $28.76 - Toronto symbol REI.UN

RIOCAN REIT $28.76 (Toronto symbol REI.UN; Units outstanding: 313.9 million; Market cap: $9.2 billion; TSINetwork Rating: Average; Dividend yield: 4.9%; www.riocan.com) has agreed to form a new joint venture with Hudson’s Bay Co. (Toronto symbol HBC).

The REIT will contribute $325 million to this new firm, consisting of 50% of two shopping malls in Oakville and Barrie, Ontario, $52.5 million of property upgrades and $128.1 million in cash. Hudson’s Bay will contribute 10 owned or leased stores in major Canadian cities.

RioCan will own 20.2% of this new business, while Hudson’s Bay will hold the remaining 79.8%. The partners will likely sell shares in the new company to the public, which would help unlock the value of these properties.

RioCan is a buy.

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