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Written by Pro-Land
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Sunday, 05 April 2009 17:00 |
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 RioCan REIT signalled it plans to be a buyer of properties on Monday by selling $180-million of bonds.
RioCan, one of Canada's largest shopping mall owners, sold five-year bonds that pay 8.33 per cent interest in a deal led by RBC Dominion Securities. Part of the cash - $55-million - is earmarked for paying down debts that are coming due in the next year. The company said the remainder of the money will pay for development of existing properties and acquisitions. In January, RioCan spent $67.5-million to buy six Quebec malls, with grocery stores as anchor tenants, from ING Real Estate Canada. The past week has seen a flurry of corporate debt sales from investment-grade Canadian companies. These financings have been snapped up by income-hungry investors, who are attracted to the relatively wide premium that corporations are paying to borrow, compared to government
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Last Updated on Wednesday, 09 December 2009 17:38 |
