Ramco, RioCan end joint venture talks |
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Thu, 11 Jan 2007 00:04
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FARMINGTON HILLS, Mich. (AFX) - Ramco-Gershenson Properties Trust, a real estate investment trust specializing in retail properties, said Wednesday it ended talks with RioCan Real Estate Investment Trust about a joint venture.RioCan, a Canadian real estate investment trust, has a large portfolio of shopping centers in Canada. The company also said joint venture talks were over.The companies talked about jointly buying or developing $1 billion of assets in the U.S. over the next several years.RioCan would have owned 70 percent of the venture and Ramco the rest, and RioCan was to own 4.5 percent of Ramco's outstanding shares, the Canadian company said in a December press release.'Although I am disappointed that we were unable to facilitate a transaction that was viable for both parties, I remain bullish on our prospects for 2007,' said Dennis Gershenson, Ramco-Gershenson president and chief executive, in a statement.Ramco-Gershenson closed down 63 cents at $37.10 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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