TORONTO — RioCan Real Estate Investment Trust says it's cutting financial ties to five properties held in its joint venture with the now-defunct Hudson's Bay as it works to move past the debacle as quickly as possible.

"We can report that RioCan has elected not to participate financially in 5 of 12 assets," said chief financial officer Dennis Blasutti on an earnings call Friday.

"What it means is that we will not put any more money into the assets, in any form."

RioCan was in a joint venture with Hudson's Bay that held the properties of 12 Hudson's Bay locations, but all stores closed at the start of June after liquidation sales.

Blasutti said that given the amount of debt associated with the five properties, and their future prospects, RioCan decided there wasn't enough potential for

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