First buys for RioCan/Tanger

Article Excerpt

RIOCAN REAL ESTATE INVESTMENT TRUST $25.51 (Toronto symbol REI.UN; Units outstanding: 267.0 million; Market cap: $6.8 billion; TSINetwork Rating: Average; Dividend yield: 5.4%; www.riocan.com) recently formed a new joint venture with U.S.-based Tanger Factory Outlet Centers (New York symbol SKT). This week, the partners agreed to buy the Cookstown Outlet Mall, which is about 50 kilometres north of Toronto. RioCan’s share of the $62 million price is $31 million. Tanger and RioCan are also buying 50 acres of land near Ottawa for an undisclosed sum. They plan to develop a Tanger outlet center on the site. RioCan is a buy. buy…