RioCan Real Estate Investment Trust Announces Renewal of Normal Course Issuer Bid

TORONTO, ONTARIO, Oct 29 (MARKET WIRE) --
RioCan Real Estate Investment Trust ("RioCan") (TSX: REI.UN) today
announced that it intends to file a notice with the Toronto Stock
Exchange of its intention to renew its normal course issuer bid for up to
11,774,237 of its trust units ("Units"), or approximately 5% of its
235,484,743 outstanding Units. RioCan's normal course issuer bid will be
made in accordance with the by-laws, rules and policies of the Toronto
Stock Exchange. Subject to the approval of the Toronto Stock Exchange,
RioCan may begin to purchase Units at prevailing market prices over a
twelve-month period commencing on or about November 6, 2009. Purchases
under the bid can be made from time to time over a twelve-month period,
as appropriate opportunities arise.

RioCan believes that, from time to time, the market price of its Units
may not reflect their underlying value and that the purchase of its Units
may represent an appropriate and desirable use of the Trust's funds.
RioCan intends to fund the purchases out of available cash and undrawn
credit facilities.

About RioCan

RioCan is Canada's largest real estate investment trust with a total
capitalization of approximately $7.1 billion as at September 30, 2009. It
owns and manages Canada's largest portfolio of shopping centres with
ownership interests in a portfolio of 247 retail properties, including 13
under development, containing an aggregate of over 59 million square
feet. 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.

Contacts:
RioCan Real Estate Investment Trust
Rags Davloor
Senior Vice President & CFO
(416) 642-3554

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