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Cedar, RioCan Pay $134M for Five PREIT Centers

PHILADELPHIA-It is expected that the duo will also purchase two additional assets for a total value upward of $200 million.

By Alyson Grala | Updated on August 16, 2010

PHILADELPHIA-A JV of Cedar Shopping Centers and RioCan Real Estate Investment Trust has entered into a definitive purchase agreement to for five grocery and new format retail centers from Pennsylvania Real Estate Investment for approximately $134 million. The five properties are 97% occupied and all sales are expected to close by year’s end.

Purchase of an additional sixth property is subject to certain conditions, including terms of an existing partnership between a third party joint-venture partner and PREIT. And purchase of a seventh property is also in the works. It will be owned by Cedar and RioCan on a 50-50 basis (through separate joint venture arrangements) with the expectation that the parties will eventually redevelop this property.

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