RioCan buys more of a good thing

Article Excerpt

RIOCAN REAL ESTATE INVESTMENT TRUST $26 (Toronto symbol REI.UN; Aggressive Growth Portfolio, Manufacturing & Industry sector; Units outstanding: 304.2 million; Market cap: $7.9 billion; Price-to-sales ratio: 6.5; Dividend yield: 5.5%; TSINetwork Rating: Average; www.riocan.com) continues to focus on six major urban markets: Toronto, Montreal, Ottawa, Calgary, Edmonton and Vancouver. Under that plan, RioCan has agreed to buy Kingsett Capital’s 50% interest in Toronto’s Yonge Sheppard Centre for $331 million. As a result, it will now own 100% of this urban mixed-use property with almost one million square feet of residential, retail, and office space. As part of the transaction, Kingsett will buy $100 million in RioCan units. RioCan is a buy. buy. …

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