RioCan Real Estate Investment Trust Announces $75 Million Of New Acquisitions.

Business Editors

TORONTO--(BUSINESS WIRE)--May 1, 2003

RioCan Real Estate Investment Trust ("RioCan") (TSX: REI.UN) today announced that it has completed (i) the acquisition of an additional 50% interest in each of the Wheeler Park Centre in Moncton, New Brunswick and

Wheeler Park Centre is a 618,000 square foot new format retail centre within the fastest growing residential market in Moncton, with major retailers like Costco, Loblaws, Sears Whole Home and Famous Players. Innes Road Plaza is a 48,000 square foot shopping plaza in Ottawa with national tenants like Petsmart, the Shoe Company and Swiss Chalet/Harvey's. The additional interests in these centres were acquired for a total of $23.7 million. Mortgage debt of approximately $9 million has been assumed on the purchases with the balance of the purchase prices satisfied with existing cash resources. RioCan now owns 100% of these centres, which are over 90% leased to national and anchor tenants.

The four Ontario new format retail centres, in which RioCan already owned a 40% interest, are Trinity Common in Brampton, RioCan Colossus Centre in Vaughan, Silver City Centre in Gloucester and Trinity Common in Orleans. The four centres contain approximately 2.2 million square feet of rentable area and are fully leased to some of the strongest and most dynamic retailers in Canada. The additional 20% interests in these centres were acquired for $51 million. Mortgage debt of approximately $38.5 million has been assumed on the purchase with the balance of the purchase price satisfied with existing cash resources.

About RioCan

RioCan's purpose is to deliver to its unitholders stable and reliable cash distributions, which continually increase over time. RioCan is Canada's largest real estate investment trust with total assets of approximately $3.5 billion. It has ownership interests in a portfolio of 164 retail properties across Canada containing an aggregate area of well over 32 million square feet.