TORONTO, ONTARIO--(Marketwire - Nov. 14, 2011) - RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced it is issuing a notice of redemption to holders of its $120 million 5.70% Series K senior unsecured debentures due September 11, 2012 (the "Series K Debentures"), representing a redemption in full of all of the currently outstanding Series K Debentures. The Series K Debentures will be redeemed on December 19, 2011, in accordance with their terms, at a total redemption price of $ 1,032.08 ($123,849,600.00 in total for the entire $120,000,000 principal amount outstanding) plus accrued and unpaid interest of $15.46027 ($1,855,232.88 for the entire $120,000,000 principal amount outstanding) to but excluding the redemption date, both per $1,000 principal amount.

RioCan will use cash on hand to fund the redemption by RioCan of the Series K Debentures.

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $11.9 billion as at September 30, 2011. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 314 retail properties containing an aggregate of over 75 million square feet, including 10 under development, and 38 grocery anchored and new format retail centres in the United States through various joint venture arrangements. For further information, please refer to RioCan's website at [ www.riocan.com ].

Forward-Looking Information

This news release contains forward-looking statements within the meaning of applicable securities laws. These statements include, but are not limited to, statements concerning our objectives, our strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.

These statements are not guarantees of future events and are based on our estimates and assumptions that are subject to risks and uncertainties, which could cause actual events or results described above to differ materially from the forward-looking statements contained herein. Those risks and uncertainties include risks associated with real property ownership, financing and interest rates, environmental matters and construction. Although the forward-looking information contained herein is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this press release are qualified by these cautionary statements. Except as required by applicable law, RioCan undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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