RioCan to sell 100 properties worth about 2 billion

TORONTO — Canada’s largest real-estate trust says it will sell about 100 properties in secondary markets over the next two to three years.RioCan Real Estate Investment Trust says the properties have an estimated value of $2 billion and it expects to net about $1.5 billion after expenses.Some of the money will be used to repurchase RioCan trust units from the open market.RioCan also plans to invest $300 million to $400 million per year on property development in the six major markets that already account for about 75 per cent of its annual rental revenue.

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