RioCan Real Estate Investment Trust (REI_u.TO) (REI_u.TO) has entered a joint venture with U.S.-based Tanger Factory Outlet Centers (SKT.N) through which the partners will spend up to $1 billion to develop Canadian outlet shopping centers. RioCan, Canada's oldest and largest REIT, said on Monday it would team with Greensboro, North Carolina-based Tanger to acquire, develop and lease sites across Canada. RioCan has already outlined plans to spend some C$600 million ($600 million) on acquisitions in the coming year. "It is the intention of the joint venture to develop as many as 10 to 15 outlet centers in larger urban markets and tourist areas across Canada, over a five-to-seven year period," the companies said in a joint statement.
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