MINNEAPOLIS & TORONTO--()--U.S. Bank and RioCan Real Estate Investment Trust today announced the close of a $150 million, five-year term loan.
“With this new facility with U.S. Bank, we are glad to be diversifying our group of core banking relationships.”
RioCan, Canada’s largest REIT, secured the financing with a cross section of its large, stable portfolio of 333 retail properties containing an aggregate of 80 million square feet. The facility is secured by 16 of RioCan’s assets located throughout Canada. U.S. Bank served as a co-lead arranger on the transaction.
“Canadian REITs like RioCan remained healthy through the recent global downturn,” said John Besse, executive vice president of Commercial Real Estate for U.S. Bank. “Today, they are well positioned to continue to expand, acquire and develop real estate in Canada as well as in the United States. U.S. Bank is in a position to help them execute that strategy.”
U.S. Bank operates in Toronto and Oakville, Canada and employs 75 people.
“The credit facility with U.S. Bank is a part of our disciplined growth strategy of expanding our portfolio in the U.S. and Canada,” said Edward Sonshine, Chief Executive Officer of RioCan. “With this new facility with U.S. Bank, we are glad to be diversifying our group of core banking relationships.”
Raymond James Bank N.A. served as the lead arranger, sole book runner and administrative agent on the deal and Bank of America was a co-lead arranger.
About RioCan Real Estate Investment Trust
RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $13.6 billion as at June 30, 2012. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 336 retail properties containing an aggregate of 79.4 million square feet, including 48 grocery anchored and new format retail centres containing 12.3 million square feet in the United States through various joint venture arrangements as at June 30, 2012. RioCan's portfolio also includes 10 properties under development in Canada. For further information, please refer to RioCan's website at www.riocan.com.
About U.S. Bank Commercial Real Estate
U.S. Bank Commercial Real Estate specializes in providing creative credit and non-credit financial solutions for real estate developers, REITs, and commercial property owners across the United States. U.S. Bank offers such services as construction/development lending, property acquisition lending, refinancing, lines of credit, and syndications. With an employee base of 400 professionals in 24 offices, U.S. Bank Commercial Real Estate builds long-term relationships designed to help North American businesses grow.
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $353 billion in assets as of June 30, 2012, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The company operates 3,080 banking offices in 25 states and 5,085 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. In Canada, US Bank operates primarily through its Canada Branch, a Schedule III Foreign Bank Branch, offering a variety of payment and lending services to corporate and government clients. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com or www.usbankcanada.com.