North America Real Estate - Stocks and Stakes
| RioCan reports stake in Cedar Shopping Centers |  |
November 06, 2009 5:32 PM ET
By Tom Yeatts
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RioCan Real Estate Investment Trust and its wholly owned subsidiary RioCan Holdings USA Inc. reported aggregate beneficial ownership of 8,095,236 shares, or 15.2%, of Cedar Shopping Centers Inc.'s common stock in a Schedule 13D filed Nov. 5. On Oct. 30, Cedar completed the previously announced private placement with RioCan REIT, whereby RioCan Holdings acquired 6,666,666 shares of Cedar's common stock at a per-share price of $6.00, and a warrant to purchase an additional 1,428,570 shares at a per-share exercise price of $7.00. The shares were acquired for a total cost of approximately $40.0 million, according to the filing. Additionally, the filing states that Donald MacKinnon, senior vice president of real estate finance for RioCan and RioCan Holdings, acquired 4,500 shares of common stock on the open market Oct. 27 for $6.14 per share, at a total cost before commissions of $27,630. |
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