TORONTO, ONTARIO–( EMWNews – April 7, 2008) –

FOR IMMEDIATE RELEASE NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) announced today that it has reached an agreement with a syndicate of underwriters led by RBC Capital Markets and BMO Capital Markets to issue to the public, subject to regulatory approval, 6,200,000 trust units (the “Units”) for $21.05 per Unit for gross proceeds of $130,510,000. RioCan has also granted the underwriters an option, exercisable at any time up to 30 days after closing of the offering, to purchase a further 930,000 units at the issue price which, if fully exercised, would result in additional gross proceeds of $19,576,500.

RioCan will use the proceeds from this offering to repay indebtedness incurred under the REIT’s operating credit facilities, to fund future property acquisitions and development activities and for general trust purposes.

The offering is being made under RioCan’s base shelf prospectus dated May 19, 2006. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators. The offering is expected to close on or about April 16, 2008.

The press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The Units being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the Units may not be offered or sold to U.S. person except pursuant to applicable exemptions from registration.

About RioCan:

RioCan is Canada’s largest real estate investment trust with a total market capitalization of approximately $7.7 billion. It owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 214 retail properties, including 12 under development, containing an aggregate of over 55 million square feet. For further information, please refer to RioCan’s website at www.riocan.com.