TORONTO, ONTARIO--(Marketwired - Oct. 21, 2014) - RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced that Raghunath Davloor has been promoted to the role of President and Chief Operating Officer and interim Chief Financial Officer of RioCan effective October 20, 2014. Mr. Davloor has assumed all the roles and responsibilities previously held by Fred Waks, former President and Chief Operating Officer, and a search will be undertaken to find a replacement Chief Financial Officer. In order to facilitate an orderly transition, Mr. Waks will remain in an advisory capacity until his resignation on January 1, 2015.

Edward Sonshine, Chief Executive Officer of RioCan said, "Rags joined RioCan in 2008, with an already highly accomplished background and knowledge of real estate through a number of progressive roles in the sector. In addition to the financial acumen that he brought to our team, as would be expected of a Chief Financial Officer, Rags brings a high level experience in the operational aspects of commercial real estate, a sophisticated knowledge of capital markets and strategic thinking that has made an indelible mark on our executive group. I am very confident in Rags' abilities to lead our operations as we head into this next phase of growth at RioCan."

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $14.9 billion as at June 30, 2014. Its owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 340 retail properties containing approximately 81 million square feet, including 47 grocery anchored and new format retail centres containing 13 million square feet in the United States as at June 30, 2014. RioCan's portfolio also includes 16 properties under development in Canada. For further information, please refer to Riocan's website at

Contact Information:

RioCan Real Estate Investment Trust
Edward Sonshine, O. Ont., Q.C.
Chief Executive Officer
(416) 866-3018