RioCan Real Estate Investment Trust (REI_u.TO) (REI_u.TO) announced plans on Monday for a C$1 billion ($1 billion) joint venture to develop outlet malls in Canada with U.S.-based Tanger Factory Outlet Centers (SKT.N). The deal comes as U.S. companies, struggling with a weaker market at home, line up for retail space in Canada, which suffered less in the global recession. Top U.S. brand names are also seeking exposure in Canadian cities. "In response to the increasing demand by U.S. tenants to expand into Canada, RioCan is pleased to partner with Tanger to develop Canada's first portfolio of U.S.-style outlet centres," Edward Sonshine, RioCan's president and chief executive said in a statement.
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