TORONTO, ONTARIO--(Marketwire - Aug. 30, 2010) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) announced today that it has reached an agreement with a syndicate of underwriters co-led by RBC Capital Markets, TD Securities Inc. and BMO Capital Markets to issue to the public, subject to regulatory approval, 6,000,000 trust units (the "Units") for $20.75 per Unit for gross proceeds of $124,500,000. RioCan has also granted the underwriters an option, exercisable at any time up to 48 hours prior to the closing of the offering, to purchase a further 1,200,000 units at the issue price which, if fully exercised, would result in additional gross proceeds of $24,900,000.

RioCan will use the proceeds from this equity offering to enhance its liquidity for property acquisitions, to fund development and for general trust purposes.

The offering is being made under RioCan's base shelf prospectus dated July 6, 2010. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators. The offering is expected to close on or about September 8, 2010.

The press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The Units being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the Units may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration.

About RioCan:

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $8.6 billion as at June 30, 2010. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 267 retail properties, including 11 under development, containing an aggregate of over 60 million square feet. RioCan owns an 80% interest in nine grocery anchored shopping centres in the United States through its joint venture arrangement with Cedar Shopping Centres Inc. ("Cedar"), a real estate investment trust focused on supermarket-anchored shopping centres and drug store-anchored convenience centres located predominantly in the Northeastern United States. In addition, RioCan owns a 14% equity interest in Cedar. For further information, please refer to RioCan's website at www.riocan.com.