Exhibit 99.1

              Ramco-Gershenson and RioCan, Canada's Largest REIT,
                    Announce the Signing of a Memorandum of
                Understanding to Form $1.5 Billion Joint Venture

     FARMINGTON HILLS, Mich.--(BUSINESS WIRE)--Dec. 12, 2006--Ramco-Gershenson
Properties Trust (NYSE:RPT), and RioCan Real Estate Investment Trust
(TSX:REI.un), Canada's largest REIT, announced today that they have executed a
Memorandum of Understanding for the formation of a $1.5 billion joint venture
("Venture"). The purpose of the Venture will be to acquire and develop a broad
range of retail real estate assets throughout the United States. The Venture
will serve as RioCan's platform for its investments in the U.S. market.
Ramco-Gershenson will initially seed the joint venture with a number of its
existing shopping centers having a total value of not less than $450 million.
The Venture will have no set termination date and Ramco has up to three years to
fill the balance of the program commitment.

     The Venture will be owned, on full investment, 70% by RioCan and 30% by
Ramco with a target leverage level of 65%. Ramco-Gershenson will be responsible
for the Venture's acquisition, development, redevelopment, property management,
leasing and financing activities, and will receive market fees for these
services. Ramco will also have the opportunity to earn a promote in the form of
performance based incentives. In addition, the Venture will be the exclusive
investment vehicle for both parties in the United States for a period of two
years following the execution of the joint venture agreement with certain
exceptions relating to Ramco's existing partnerships.

     In connection with the formation of the Venture, RioCan will purchase
common shares from Ramco-Gershenson representing a 4.5% stake in the Company at
$36.39 per share. RioCan will also purchase from Ramco-Gershenson warrants
permitting RioCan to acquire an additional 4.5% stake in Ramco, at any time
within three years, at a strike price equal to $43.15 per share.

     The closing of the joint venture, which is expected to take place in the
first quarter of 2007, is subject to normal due diligence and the negotiation
and execution of a definitive joint venture agreement.

     "We are very excited to be a part of this strategic partnership with
RioCan, Canada's preeminent REIT", said Dennis Gershenson, President and Chief
Executive Officer. "This alliance will serve as a platform for significant
growth in our existing markets and will allow us to expand into new metropolitan
trade areas."

     Edward Sonshine, Q.C., President and Chief Executive Officer of RioCan,
said, "RioCan has been searching for the best way to enter the American market
and believes it has found it in this arrangement. Ramco's approach to the
shopping centre business is almost identical to RioCan's, whether it is
development, redevelopment or tenant relationship building. We expect this
venture to provide a solid platform for future growth in the United States and
are eagerly looking forward to working with Ramco to create more fine
developments of the type they have consistently shown they do so well."

     Interested parties are invited to participate in a conference call to
discuss this announcement with management of both Ramco and RioCan on Wednesday,
December 13, 2006 at 11:00 a.m. Eastern Time. In order to participate in the
conference call, please dial 1-877-461-2814. A replay will also be available
until December 27, 2006. To access the replay, please dial 1-888-509-0081 and
enter passcode 637143.

     Scheduled speakers are Dennis Gershenson, President and Chief Executive
Officer of Ramco and Edward Sonshine, Q.C., President and Chief Executive
Officer of RioCan. Management's presentation will be followed by a question and
answer period.

     About Ramco-Gershenson Properties Trust

     Ramco-Gershenson Properties Trust owns interests in 81 shopping centers
totaling approximately 18.3 million square feet of gross leasable area,
consisting of 80 community centers and one enclosed regional mall. The Company's
centers are located in Michigan, Florida, Georgia, Ohio, Wisconsin, Tennessee,
Indiana, New Jersey, Virginia, South Carolina, North Carolina, and Maryland.
Headquartered in Farmington Hills, Michigan, the Company is a fully integrated,
self-administered, publicly-traded real estate investment trust (REIT) which
owns, develops, acquires, manages and leases community shopping centers,
regional malls and single tenant retail properties, nationally. For further
information on Ramco-Gershenson Properties Trust visit the Company's website at
www.rgpt.com.

     About RioCan

     RioCan is Canada's largest real estate investment trust with a total market
capitalization of approximately $8 billion. It owns and manages Canada's largest
portfolio of shopping centres with ownership interests in a portfolio of 204
retail properties, including 8 under development, containing an aggregate of
over 50.7 million square feet. For further information, please refer to RioCan's
website at http://www.riocan.com/.

     This press release may contain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and should be
reviewed in conjunction with the Company's filings with the U.S. Securities and
Exchange Commission and other publicly available information regarding the
Company. Management of Ramco-Gershenson believes that expectations reflected in
forward-looking statements are based on reasonable assumptions. Certain factors
could occur that might cause actual results to vary. These include general
economic conditions, the strength of key industries in the cities in which the
Company's properties are located, the performance of tenants at the Company's
properties as well as other factors.


     CONTACT: Ramco-Gershenson Properties Trust
              Dennis Gershenson, President & CEO or Richard Smith, CFO
              248-350-9900
              Fax: 248-350-9925