While GIC will invest Rs 5,512.5 crore for a 1.22 per cent equity stake on a fully diluted basis, TPG will invest Rs 1,837.50 crore for a 0.41 per cent stake at a similar valuation.
Earlier on Thursday, Abu Dhabi-based sovereign investor Mubadala Investment Company said it will invest Rs 6,247.5 crore into Reliance Retail Ventures for a 1.40 per cent stake. On Wednesday, RIL announced that co-investors of Silver Lake and General Atlantic will invest Rs 1,875 crore and Rs 3,675 crore respectively in RRVL.
US buyout firm KKR & Co also announced Rs 5,550 crore investment recently, while Silver Lake itself invested Rs 7,500 crore.
Reliance Retail operates India’s largest and most profitable retail business. It serves 640 million footfalls across its 12,000 stores nationwide.
The retail unit has reported a consolidated turnover of Rs 659,205 crore, cash profit of Rs 71,446 crore and net profit of Rs 39,880 crore for the year ended March 31.
The fresh deals were announced amid an ET report that suggested that Saudi Arabia’s Public Investment Fund (PIF) and Abu Dhabi Investment Authority (ADIA) are likely to invest about $500 million or Rs 3,700 crore each to acquire a total 51 per cent in the infrastructure investment trust (InvIT) structure formed by Reliance Industries to monetise its fibre optic network assets.
GIC, TPG to invest Rs 7,350 crore in Reliance Retail
RioCan Real Estate Investment Trust Announces Senior Executive Management and Board Changes – GlobeNewswire
- Edward Sonshine, O. Ont., Q.C. to transition from Chief Executive Officer to Non-Executive Chairman on April 1, 2021;
- Jonathan Gitlin to be appointed as President and Chief Executive Officer
TORONTO, Oct. 21, 2020 (GLOBE NEWSWIRE) — RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) today confirmed that, as previously announced, RioCan’s founder, Edward Sonshine, O. Ont., Q.C., will retire as Chief Executive Officer of the Trust on March 31, 2021. Mr. Sonshine will become Non-Executive Chairman of RioCan’s Board of Trustees (the “Board”) effective April 1, 2021. Mr. Paul V. Godfrey, C.M., Chairman of the Board, has agreed to step down as Chairman of the Board effective April 1, 2021 and will serve as Lead Trustee.
RioCan is pleased to announce that the Board appoints Jonathan Gitlin, currently the Trust’s President and Chief Operating Officer, to succeed Mr. Sonshine as President and Chief Executive Officer, effective April 1, 2021. Effective April 1, 2021, concurrently with Mr. Gitlin’s appointment to the role of CEO, the Board has also agreed to appoint Mr. Gitlin as an additional Trustee to the Board.
“The Board is very pleased to announce both Jonathan Gitlin as Mr. Sonshine’s successor as CEO, and Mr. Sonshine’s continued involvement in the leadership of the Trust following his retirement,” said Paul V. Godfrey, C.M., Chairman of the Board. “Given Mr. Gitlin’s long and successful history at RioCan, currently as President and Chief Operating Officer, and Mr. Sonshine’s continued involvement as Non-Executive Chairman, the Board is confident that we will have a seamless transition of leadership in 2021.”
Mr. Gitlin joined RioCan in 2005 and progressed through a series of key leadership roles leading to his appointment as President and Chief Operating Officer in March 2019. Mr. Gitlin is an accomplished, strategic leader, and as the head of the Trust’s Investment team since 2007, he has played a significant role in RioCan’s tremendous growth, including responsibility for the execution of the Trust’s residential program, RioCan LivingTM. In addition, as part of RioCan’s accelerated major market strategy, Mr. Gitlin drove RioCan’s secondary market disposition program, resulting in the Trust now generating 90% of its revenue from major markets, and 50% from the Greater Toronto Area. Mr. Gitlin’s broad experience and industry acumen has allowed him to effectively, efficiently and responsibly lead RioCan’s Operations team through the current global pandemic and its myriad of economic implications. Consistent with RioCan’s long-standing principles, Mr. Gitlin has mobilized the RioCan team to address changing market dynamics in a manner that prioritizes the long-term wellbeing of the business, and all its stakeholders.
“I am pleased to have confirmed the arrangements for my succession in 2021, which we first announced last year and have now finalized,” said Mr. Sonshine. “During my remaining time as Chief Executive Officer, I will focus on overseeing continued execution of RioCan’s strategy and major initiatives as well as preparing for an orderly transition of my duties. I would like to congratulate Jonathan Gitlin for this well-deserved promotion to RioCan’s President and Chief Executive Officer. Jonathan’s integrity, decisiveness, credibility and unwavering focus on sustainable growth make him the ideally suited to lead the Trust. I have great confidence in Jonathan and I look forward to working with him as Non-Executive Chairman as we overcome the current industry challenges and capitalize on evolving opportunities to position RioCan for the next phase of its growth and success.”
RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at June 30, 2020, our portfolio is comprised of 221 properties with an aggregate net leasable area of approximately 38.6 million square feet (at RioCan’s interest) including office, residential rental and 15 development properties. To learn more about us, please visit www.riocan.com.
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities laws. This information includes, but is not limited to, statements concerning RioCan’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 or expectations that are not historical facts. Forward-looking information generally can be identified by the use of forward-looking terminology such as “may”, “will”, “would”, “expect”, “ intend”, “estimate”, “anticipate”, “believe”, “plan”, or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. All forward-looking information in this News Release is qualified by these cautionary statements.
Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan’s current estimates and assumptions, which are subject to numerous risks and uncertainties, including that the events contemplated herein are completed as contemplated, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. 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 forwarding-looking statements. Except as required by applicable law, RioCan undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
For further information contact:
RioCan Real Estate Investment Trust
SVP and Chief Financial Officer
How much capital should you raise in your next investment round? – Entrepreneur
Many are the questions that an investor needs you to answer; some of the important ones and that, usually, are not dominated by the entrepreneur.
4 min read
Opinions expressed by Entrepreneur contributors are their own.
- A Venture Capitalist wants to see how much capital you are raising, how long it will last, and what they are going to do with it.
- Do not leave aside the following questions: What would you have to achieve the next time you go out to raise capital? Will it be enough for another VC to show interest?
Usually before making a formal appointment with a Venture Capital (VC) investment fund, there is a prior conversation with an investor. However, even if the first contact is a chance meeting between you, you should be prepared for any kind of questioning about your project. If for some reason you are not able to answer, think that you are closing the doors, you will probably miss the opportunity to receive a next appointment and therefore an investment.
Many are the questions that an investor needs you to answer; some of the important ones and that, usually, are not dominated by the entrepreneur. Some of them are related to the (real) valuation of your company, the amount of money you intend to raise and what you are going to use it for, or specific answers about your financial analysis.
There are many things that investors are looking for when reviewing your deck , but beyond knowing your income, margins, CAPEX, you should also pay attention to cash in, cash out and company milestones. In short, a Venture capitalist wants to see how much capital you are raising, how long it will last and what they will do with it. The data that you must provide must be realistic, justified, since it is part of the risk that an investor assumes with you.
It is the money you want to raise and your Venture Capitalist seeks to make it reasonable. For this, at G2 we recommend asking the following questions: Are you raising the appropriate amount of capital in relation to what you want to achieve? In relation to the size of the team? In relation to your needs? We recommend you think in periods of between 12, 18 or 24 months. Don’t ask for more than you don’t need, implement a solid plan to strategically execute your company. Generally, these types of suggestions will not give them to you, they will simply let you know that they are not interested in your company.
It basically refers to when your company runs out of money. Generally, you are expected to raise capital for 12, 18 or 24 months. But, if your runaway is much shorter, allow enough time to lift your next round so that you don’t run out of money. It is recommended that you do not draw up a plan to be financed for more than two years, maybe three. What investors hope is that the capital they bring you will begin to bear fruit, since what the funds seek over time is an exit strategy with a much greater value that will generate the expected returns of what they once invested.
Many VC mutual funds will lead one round and will likely approach you with other funds for subsequent ones. So do not leave aside the following questions: What would you have to achieve the next time you go out to raise capital? Will it be enough for another VC to show interest? Will the milestones reached be enough for a VC to pay a higher price in your next round of funding? Have you progressed enough?
Creating a capital raising strategy is not a simple task, it requires the accompaniment of an expert who knows how to implement one suitable for the needs of your company, guarantee that your numbers are correct and that it is linked to the appropriate investment funds for your next rounds. May your round of capital raising be flawless!
BC Liberals promise $2 million investment in McAbee Fossil beds – Ashcroft Cache Creek Journal
BC Liberal candidate Jackie Tegart has announced that $2 million from the Liberals’ Rebuild B.C. plan has been earmarked for the development of the McAbee Fossil Beds as a tourist destination.
The McAbee Beds are located east of Cache Creek on the Trans-Canada Highway, and are internationally recognized as the most diverse site known in British Columbia for plants and insects of the Eocene Epoch from 50 million years ago.
In 2012 the beds were declared a heritage site by the provincial government and closed to the public. In 2017 a working group of volunteers secured funding to develop a business plan for the site, which set out a phased approach to develop a world-class interpretive and research centre at the globally significant site, which could attract up to 50,000 visitors each year.
The McAbee Beds were recognized with a “Stop of Interest” sign and reopened to the public in the summer of 2019. The COVID-19 pandemic halted plans to open the site again in 2020, but work on a trail system for visitors began in September, with the hope of welcoming visitors again in 2021.
The BC Liberals recently announced their $8 billion Rebuild B.C. plan, which includes increased funding to accelerate infrastructure projects to meet the needs of the province’s growing population, create jobs, and improve long-term productivity. The McAbee site has been recognized for the enormous potential it has as a centre for education, research, and tourism, and the Liberals say that investment in it would put people to work immediately as the site is developed, and for years to come as the centre becomes operational.
“This site is of interest to researchers, students, and visitors,” says Tegart. “Investing in developing McAbee as a tourist destination will create jobs and allow more British Columbians to safely visit and spend time in our community.”
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