RioCan Real Estate Investment Trust Announces Two Agreements with Lowe's

RioCan Real Estate Investment Trust ("RioCan")(TSX: REI.UN) today announced that it has entered into two agreements to lease with Lowe's Companies Canada, ULC ("Lowe's"), a subsidiary of Lowe's Companies, Inc. (NYSE: LOW), to open two new home improvement stores in Ontario, these being the first transactions between RioCan and Lowe's. Both sites are located in the Greater Toronto Area. The first store will be located at Taunton Road and Garrard Road in Whitby, and the second store will be located at RioCan Warden Centre in Toronto.

The first agreement to lease is for a Lowe's store that will form part of RioCan's greenfield shopping centre development site situated at Taunton Road and Garrard Road. Upon completion, the development will feature Lowe's, a Canadian chartered bank and two additional commercial retail buildings. Site work has already commenced, with an anticipated opening date of the Lowe's store in early 2009.

The second agreement to lease is for a Lowe's store that will form part of RioCan's existing property, RioCan Warden Centre, located at Warden Avenue and Eglinton Avenue. RioCan Warden Centre is a 250,000 square foot new format retail centre featuring a number of national retailers. In order to accommodate Lowe's, the former Wal-Mart premises will be demolished and a new Lowe's store will be constructed in its place. Demolition of the former Wal-Mart premises is anticipated to commence in late April 2008, with an anticipated opening date of the Lowe's store in 2009.

Both transactions are subject to final municipal site plan approval.

Edward Sonshine, Q.C., President and CEO of RioCan, said, "We are extremely excited about these initial transactions with Lowe's and look forward to bringing their offerings to our customers. Additional mutually beneficial projects will be discussed as opportunities arise."

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 .

Contacts: RioCan Real Estate Investment Trust Rags Davloor Senior Vice President & CFO (416) 642-3554 Website: www.riocan.com