RioCan now Engaging in U.S. Mall Properties

Canada’s largest shopping mall owner is currently RioCan, owning several high profile and mid sized malls all across the country. And they’re doing well enough that they are now beginning to own malls and commercial properties in the U.S, after closing two deals in Pennsylvania. RioCan, recently engaged in a joint venture agreement with Cedar Shopping Centre last month (a U.S. based company). Two malls in Harrisburg and Dickson City are the preliminary properties to exchange hands with RioCan.

Five additional properties were also included in the deal, but the deals have yet to close. Recently, Rio Can began actively raising money, and even tapping into markets for $100 million successfully late November. RioCan isn’t just raising money – it’s also willfully spending its money too! The Pennsylvania Properties were part of a $141 million deal, while the company announced a total of $170 million worth in acquisitions last month, having acquired eight Canadian retail properties. This is great news for malls. With as much as $335 million expected over the next year, Rio Can continues to develop plans to acquire more malls and commercial properties.