Loblaw Companies Limited Completes Sale of Nine Commercial Properties to Choice Properties Real Estate Investment Trust
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BRAMPTON, ON, Oct. 24, 2013 /CNW/ - Loblaw Companies Limited ("Loblaw") completed the sale of a portfolio of nine commercial properties to Choice Properties Real Estate Investment Trust (the "REIT") on October 22, 2013 (the "Transaction"). The portfolio comprises over 900,000 square feet across Canada and is made up of four standalone supermarkets, three shopping centres, one single-tenant retail store, and one commercial complex, which includes a stand-alone supermarket and a warehouse. The total purchase price was $149.5 million, of which $98.9 million was paid to Loblaw through the issuance of 9,925,671 Class B limited partnership units (the "Class B Units") of Choice Properties Limited Partnership, with the remainder in cash. The Class B Units are exchangeable on a one-for-one basis for, and are economically equivalent to, trust units of the REIT (the "REIT Units").
As a result of the Transaction, Loblaw has acquired approximately 2.7% of the aggregate issued and outstanding Class B Units and REIT Units, on a fully exchanged basis, and now holds an effective interest in the REIT of approximately 82.2%.
About Loblaw Companies Limited
Loblaw Companies Limited, a subsidiary of George Weston Limited, is Canada's largest food retailer and a leading provider of drugstore, general merchandise and financial products and services. Loblaw is one of the largest private sector employers in Canada. With more than 1,000 corporate and franchised stores from coast to coast, Loblaw and its franchisees employ approximately 134,000 full-time and part-time employees. Through its portfolio of store formats, Loblaw is committed to providing Canadians with a wide, growing and successful range of products and services to meet the everyday household demands of Canadian consumers. Loblaw is known for the quality, innovation and value of its food offering. It offers Canada's strongest control (private) label program, including the unique President's Choice®, no name® and Joe Fresh® brands. In addition, the Company makes available to consumers President's Choice® financial services and offers the PC® points and PC PlusTM loyalty program. For more information, visit Loblaw's website at www.loblaw.ca and Loblaw's issuer profile at www.sedar.com.
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