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RioCan Real Estate Investment Trust appoints Andrew Duncan to Chief Investment Officer



TORONTO, March 11, 2021 (GLOBE NEWSWIRE) -- RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) today announced the promotion of Andrew Duncan to the newly created position of Chief Investment Officer, effective April 1, 2021. As RioCan’s first Chief Investment Officer, he will oversee the Trust’s 42 million square foot development pipeline and investment transactions to optimize its value-rich property portfolio for future growth opportunities.

“We are very pleased to announce Andrew Duncan as RioCan’s first Chief Investment Officer,” said Jonathan Gitlin, President and Chief Operating Officer at RioCan. “We created this role to tap into the natural synergies between development and investment, and to accelerate our evolution into Canada’s leading major market, mixed-use focused REIT.”

Mr. Duncan joined RioCan in 2013 and was elevated quickly to Senior Vice President, Development. He played an instrumental part in executing the Trust’s long-term growth strategy. Mr. Duncan has significant experience working with partners and other stakeholders to deliver complex mixed-use development projects, such as The Well™ in downtown Toronto. In the past year, he has helped to ensure that these projects continue to progress safely during the pandemic. Mr. Duncan is an established member of the senior leadership team and he is a respected forward-thinker. He brings a balanced knowledge of construction, planning, and analytics that allows him to responsibly manage the development portfolio, while leveraging expertise in asset classes and deal structures to maximize returns for unitholders.

“I am honoured to be named RioCan’s first Chief Investment Officer and look forward to maximizing the full potential of our real estate, unlocking intrinsic value through development, partnerships, and strategic acquisitions and dispositions to support RioCan’s evolution into Canada’s dominant urban mixed-use REIT,” said Mr. Duncan.

About RioCan

RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As of December 31, 2020, our portfolio is comprised of 223 properties with an aggregate net leasable area of approximately 38.3 million square feet (at RioCan's interest) including office, residential rental and 14 development properties. To learn more about us, please visit www.riocan.com.

For further information please contact:

Jonathan Gitlin President & Chief Operating Officer RioCan Real Estate Investment Trust (416) 866-3033

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Source: RioCan Real Estate Investment Trust


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