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 retail properties throughout 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 our Retail Traffic Online newsletter later this afternoon.
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Update: Our story.