TORONTO — Canada's largest real estate investment trust on Thursday said it had agreed to acquire an 80% interest in eight Texas shopping centers, including several anchored by Wal-Mart, H.E. Butt Grocery Co. and Safeway's Tom Thumb.
RioCan Real Estate Investment Trust, based here, said it entered the agreement with Inland Western Retail Real Estate Trust through its RioCan Holdings USA. The transaction is valued at $138 million, including $53 million in net equity and the assumption of $85.6 million in debt.
"This acquisition represents a great opportunity to expand RioCan's U.S. portfolio into a second geographic market," said Edward Sonshine, president and chief executive officer, RioCan.
RioCan also has a 14% equity interest in Cedar Shopping Centers, a real estate investment trust focused on supermarket- and drug store-anchored shopping centers in the Northeastern United States.
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