TORONTO, May 24, 2013 /CNW/ - George Weston Limited (TSX: WN) ("Weston
or the Company") announced today that Choice Properties REIT, a real
estate investment trust created by its subsidiary, Loblaw Companies
Limited, filed preliminary prospectuses regarding an initial public
offering of trust units and a concurrent offering of senior unsecured
debentures with securities regulatory authorities in Canada.
Copies of the preliminary prospectuses will be available on SEDAR at www.sedar.com.
Weston also announced today its intention to purchase 20,000,000 units
of the REIT at the offering price for a total amount of $200 million.
"I am excited about the potential of Choice Properties REIT to maximize
the value of Loblaw's real estate over time while ensuring that Loblaw
remains well positioned to grow the business going forward. I believe a
direct investment in the REIT is a good investment for Weston that will
yield incremental value to our shareholders," commented W. Galen
Weston, Executive Chairman of the Company.
About George Weston Limited
George Weston Limited is one of North America's largest food processing
and distribution groups operating in two segments: baking through
Weston Foods, and food and general merchandise distribution through
Loblaw Companies Limited.
This press release may contain forward-looking information within the
meaning of applicable securities legislation, which reflects the
Company's current expectations regarding future events.
Forward-looking information is based on a number of assumptions and is
subject to a number of risks and uncertainties, many of which are
beyond the Company's control, that could cause actual results and
events to differ materially from those that are disclosed in or implied
by such forward-looking information. Such risks and uncertainties
include, but are not limited to, failure to complete the initial public
offering of units and the debentures of the REIT and related
transactions. The Company does not undertake any obligation to update
such forward-looking information, whether as a result of new
information, future events or otherwise, except as expressly required
by applicable law.
SOURCE: George Weston Limited
For further information:
Geoffrey H. Wilson
Senior Vice President,
Financial Control and Investor Relations