Canada Pension Plan Investment Board and RioCan Real Estate Investment Trust Announce a Strategic Alliance to Invest in Canadian Regional Power Centres.TORONTO -- RioCan Real Estate Investment Trust RioCan Real Estate Investment Trust (TSX: REI.UN) is the largest real estate investment trust (REIT) in Canada with ownership interests in over 200 retail properties.[1] ("RioCan") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :REI.UN) today announced that RioCan and the Canada Pension Plan The Canada Pension Plan (CPP) is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada's public retirement income system, the other component being Old Age Security (OAS). Investment Board have formed a strategic alliance to acquire premier regional power centres in Canada. The objective of the joint venture will be to acquire regional power centres in Canada on a 50/50 basis. It is the intention that properties acquired in this joint venture will remain core, long-term holdings for both RioCan and CPP cpp - C preprocessor. Investment Board. In addition, RioCan will provide property management, asset management, leasing, development, and construction management services for the centres acquired with CPP Investment Board. RioCan is the dominant owner (Law) one who owns lands on which there is an easement owned by another. - Bouvier. See also: Dominant of community and new format retail shopping centres in Canada, with a portfolio exceeding 43 million square feet (including partners' and shadow anchors' interests). It has a total staff of approximately 600, handling all facets of asset management, property management, accounting and reporting. A significant portion of RioCan's portfolio is comprised of new format retail, all constructed within the last 6 years. Mr. Sonshine, Q.C., President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of RioCan, said, "Working together with CPP Investment Board, RioCan can more profitably take advantage of investments in large, regional power centres. This type of property has come to be recognized within the retail real estate industry as having strong growth potential for the future. RioCan recognized this potential early in the development of this format and is pleased to have the opportunity of acquiring additional regional power centres together with CPP Investment Board." About CPP Investment Board The CPP Investment Board invests in capital markets the funds not needed by the Canada Pension Plan to pay current pensions. Cash flows are currently invested in equities and real estate to balance the cash and bonds owned by the Canada Pension Plan. By increasing the long-term value of funds, the CPP Investment Board will help the Canada Pension Plan to keep its pension promise to Canadians. Based in Toronto, the CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm's length arm's length adj. the description of an agreement made by two parties freely and independently of each other, and without some special relationship, such as being a relative, having another deal on the side or one party having complete control of the other. from governments. For more information, visit www.cppib.ca. About RioCan RioCan's purpose is to deliver to its unitholders stable and reliable cash distributions, which continuously increase over time. RioCan is Canada's largest real estate investment trust with total assets of approximately $3.9 billion. It has ownership interests in a portfolio of 180 retail properties across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. comprising an aggregate of approximately 43 million square feet, including partners' and shadow anchors' interests. |
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