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RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN), Allied Properties
Real Estate Investment Trust ("Allied") (TSX:AP.UN) and Diamond Corp.
("Diamond") have entered into an agreement to acquire the Globe & Mail Lands
(the "Property") in Toronto's Downtown West for $136 million. The purchase is
expected to be completed in mid-December 2012. Currently the home of The Globe &
Mail Newspaper, the Property is comprised of 252,617 square feet of office space
and 579 parking spaces all set on 6.47 acres of land forming part of the large
city block bounded by Spadina, Front, Draper and Wellington Streets.


The site is a prime location for redevelopment in close proximity to Toronto's
downtown office corridor and adjacent to a large and growing residential
population. The acquisition will establish the basis for a joint venture (the
"Downtown West JV") between RioCan, Allied and Diamond, with each of RioCan and
Allied having an undivided 40% interest and Diamond having an undivided 20%
interest. RioCan will have a beneficial ownership in the Downtown West JV of
43.9% including its 19.3% participation in Diamond's Whitecastle New Urban Fund
2. The joint-venture partners intend to redevelop the Property as a mixed-use
retail, office and residential complex that will become a landmark destination
to live, work and shop in Toronto.


RioCan, Allied and Diamond will act as joint development managers. Upon
completion, RioCan will act as property manager for the retail component and
Allied will act as property manager for the office component of the
redevelopment.


Edward Sonshine, CEO of RioCan said, "We are excited to acquire, with our
partners, one of the largest underdeveloped contiguous parcels of land in
downtown Toronto. On this size footprint, we believe that we can create a unique
shopping and recreational complex as a centre for the urban population that
already exists and continues to grow in the immediate surrounding area. Overlaid
with what will be I am sure, with our partners input, Toronto's finest
integrated office, residential and retail complex."


Michael Emory, President and CEO of Allied added, "Not only does this joint
venture highlight the importance of our ongoing collaboration with RioCan and
Diamond, it affords us the opportunity to participate in a major redevelopment
that will complement our current portfolio of nearly one million square feet at
King & Spadina."


Stephen Diamond, President of Diamond said, "This is a unique opportunity to
participate in city building at its finest, to create a lasting mixed use
landmark of architectural and urban design excellence for the citizens of
Toronto. We are very happy to be partnering with two of Canada's leading
developers who share our commitment for innovation and quality."


About RioCan

RioCan is Canada's largest real estate investment trust with a total
capitalization of approximately $13.9 billion as at September 30, 2012. It owns
and manages Canada's largest portfolio of shopping centres with ownership
interests in a portfolio of 338 retail properties containing more than 80
million square feet, including 49 grocery anchored and new format retail centres
containing 12.4 million square feet in the United States through various joint
venture arrangements as at September 30, 2012. RioCan's portfolio also includes
10 properties under development in Canada. For further information, please refer
to RioCan's website at www.riocan.com.


About Allied 

Allied is a leading owner, manager and developer of urban office environments
that enrich experience and enhance profitability for business tenants operating
in Canada's major cities. Its objectives are to provide stable and growing cash
distributions to unitholders and to maximize unitholder value through effective
management and accretive portfolio growth. For further information, please refer
to Allied's website at www.alliedreit.com.


About Diamond

Diamond, a Toronto-based land development company maintains a strong commitment
to developing high-quality, innovative and award-winning residential and mixed
use projects. Diamond Corp has established itself as a leader in progressive
city building in the Greater Toronto Area. As managers of the Whitecastle New
Urban Fund and the more recently launched Whitecastle New Urban Fund 2, Diamond
Corp is committed to the future of Canada's urban communities. For further
information, please refer to Diamond Corp's website at www.diamondcorp.ca.


Cautionary Statements About 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 RioCan's, and Allied's intention to acquire and redevelop
an undivided co-ownership interest in the Property in accordance with their
intensification joint-venture arrangement, as well as other statements
concerning each company's objectives, its 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", "would", "expect", "intend", "estimate", "anticipate", "believe",
"should", "plan", "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. All
forward-looking statements in this News Release are qualified by these
cautionary statements. These forward-looking statements are not guarantees of
future events or performance and, by their nature, are based on current
estimates and assumptions, which are subject to risks and uncertainties, which
could cause actual events or results to differ materially from the
forward-looking statements contained in this News Release. 


Important factors that could cause Allied's actual results to differ materially
from expectations include, among other things, general economic and market
factors, competition, changes in government regulations and the factors
described under "Risk Factors" in Allied's Annual Information Form, which is
available at www.sedar.com. These cautionary statements qualify all
forward-looking statements attributable to Allied and persons acting on Allied's
behalf. Unless otherwise stated, all forward-looking statements speak only as of
the date of this News Release and neither Allied or persons acting on Allied's
behalf have any obligation to update such statements.


For a list of risk and uncertainties effecting the operations of RioCan, refer
to the caption "Risk and Uncertainties" in RioCan's latest financial statements
and management's discussion and analysis for the quarter ending September 30,
2012. Those risks and uncertainties include, but are not limited to, those
related to: liquidity in the global marketplace associated with current economic
conditions, tenant concentrations, occupancy levels, access to debt and equity
capital, interest rates, joint ventures/partnerships, the relative illiquidity
of real property, unexpected costs or liabilities related to acquisitions,
construction, environmental matters, legal matters, reliance on key personnel,
unitholder liability, income taxes, the investment in the United States of
America ("US"), US currency and RioCan's qualification as a real estate
investment trust for tax purposes. Material factors or assumptions that were
applied in drawing a conclusion or making an estimate set out in the
forward-looking information may include, but are not limited to: a more robust
retail environment compared to recent years; relatively stable interest costs; a
continuing trend toward land use intensification in high growth markets; access
to equity and debt capital markets to fund, at acceptable costs, the future
growth program to enable the Trust to refinance debts as they mature; the
availability of purchase opportunities for growth in Canada and the US; and the
impact of accounting principles adopted by the Trust effective January 1, 2011
under International Financial Reporting Standards ("IFRS") which includes
application to the Trust's 2010 comparative financial results. Although the
forward-looking information contained in this News Release 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. Certain
statements included in this News Release may be considered "financial outlook"
for purposes of applicable securities laws, and such financial outlook may not
be appropriate for purposes other than this News Release. 


The Income Tax Act (Canada) (the "Act") contains legislation affecting the tax
treatment of publicly traded trusts (the "SIFT Legislation"). The SIFT
Legislation will not impose tax on a trust which qualifies under such
legislation as a real estate investment trust (the "REIT Exception"). RioCan
currently qualifies for the REIT Exception and intends to continue to qualify
for future years. Should this not occur, certain statements contained in this
News Release may need to be modified.


Except as required by applicable law, RioCan under takes no obligation to
publicly update or revise any forward-looking statement, whether as a result of
new information, future events or otherwise. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
RioCan Real Estate Investment Trust
Edward Sonshine O.Ont., Q.C.
Chief Executive Officer of RioCan
(416) 866-3018
www.riocan.com


Allied Properties Real Estate Investment Trust
Michael Emory
President and CEO of Allied Properties
(416) 977-0643
memory@alliedreit.com

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