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Ramco, RioCan Say $1.5B Center JV is Off

FARMINGTON HILLS, MI-Ramco-Gershenson Properties Trust and RioCan Real Estate Investment Trust have dissolved a JV aimed at acquiring and developing US shopping centers.

By Danielle Anderson | Updated on January 10, 2007

(For more retail coverage, click GlobeSt.com/RETAIL.)

FARMINGTON HILLS, MI-Negotiations between locally based Ramco-Gershenson Properties Trust and Toronto-based RioCan Real Estate Investment Trust came to an abrupt end Jan. 10 with both parties issuing statements that the planned $1.5-billion joint venture was off. RioCan was the first to announce that all negotiations concerning the formation of a JV to buy and develop US shopping centers had been terminated. Announced less than a month ago, the deal was slated to close during the first quarter of 2007.

As recently as Jan. 8, Dennis Gershenson, president and chief executive officer of Ramco, seemed optimistic that the planned JV would close on schedule. GlobeSt.com spoke to Gershenson about the pending agreement while speaking with Gershenson about another partnership–a $450-million joint venture with an investor advised by Heitman LLC to acquire community shopping centers. The later agreement closed at the end of 2006.

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