Canada's largest REIT RioCan REIT is expanding to the U.S. in a $1.5 billion joint venture with Ramco-Gershenson Properties Trust.
The joint venture will acquire and develop a retailthroughout the U.S. Ramco-Gershenson will initially seed the joint venture with centers from its existing portfolio with a total worth of about $450 million.
RioCan will retain a 70 percent stake in the joint venture to Ramco-Gershenson's 30 percent. For more on this story, check ourTraffic Online newsletter later this afternoon.
(If you're not a subscriber already, go here to be added to our distibution list)
Update: Our story.