RioCan Real Estate Investment Trust has sold all 9.4 million shares of Cedar Realty Trust in a block trade through Goldman Sachs for total proceeds of approximately USD48m.
As previously disclosed on 6 September 2012, RioCan and Cedar announced that they agreed to dissolve their joint venture arrangement, and effective 1 February 2013, RioCan assumed all property and asset management activities for the properties that were previously managed by Cedar.
As a result of the sale of these shares held, RioCan no longer has any equity position in Cedar.