Canada Safeway Selling 42-Acre Parcel in Vancouver Area

Unique property slated for multi-family residential use in the desirable Edmonds neighbourhood of Burnaby

VANCOUVER, May 25, 2011 /CNW/ - Canada Safeway Limited is marketing a 42-acre property in the Vancouver area that is close to major transportation and transit hubs, shopping and schools, and is designated as multi-family in the Edmonds area Official Community Plan.

The unique site is one of the largest undeveloped pieces of urban land with multi-family potential in Southwestern British Columbia, which includes Vancouver and its nearby suburbs. The property offers a compelling opportunity to developers interested in building large-scale multi-family housing in the fast-growing Burnaby area and to investment funds looking for significant exposure to the strong, stable and rewarding Canadian urban market.

"Canada Safeway believes this large parcel of land provides an excellent opportunity for a developer to acquire a one-of-a-kind property with the potential to create a residential community that could offer a variety of new amenities for the area," said Earl Brown, Vice President, Real Estate, Construction and Design for Canada Safeway.

The accessible site offers developers the opportunity to create a comprehensive neighborhood with a multi-family residential focus and some local retail and services. While the City of Burnaby has designated the property as multi-family residential in its Official Community Plan, municipal approvals for allowable densities and final development plans will be the responsibility of the successful purchaser. Currently, the property is zoned industrial, in keeping with its prior use as a distribution centre. This site offers the opportunity for development of apartments, townhouses or luxury penthouses that would have mountain and city views.

The development site, bounded by 11th Avenue and 14th Avenue and 15th Street and 18th Street in Burnaby, was formerly Safeway's Distribution Centre. Canada Safeway will continue to operate a milk plant adjacent to the site, as it supplies a significant portion of the milk for the Lower Mainland.

Developers and investors interested in obtaining further information on this unique opportunity should visit www.safewayrealtyholdings.com or contact Trevor Lee, Senior Real Estate Manager, Canada Safeway at trevor.lee@safeway.com.

Canada Safeway, a wholly owned subsidiary of Safeway Inc. operates 224 stores across Western Canada. Safeway Inc. is a Fortune 100 company and one of the largest food and drug retailers in North America based on sales. Safeway Inc. operates 1,694 stores in the United States and Canada and had annual sales of $41 billion in 2010.  The company's common stock is traded on the New York Stock Exchange under the symbol SWY.

SOURCE Canada Safeway Limited

For further information:

Media Contact:

Ian Noble
Edelman
(604) 623-3007
Ian.noble@edelman.com

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