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BRAMPTON, ON, Oct. 22, 2013 /CNW/ - Choice Properties Real Estate
Investment Trust ("Choice Properties" or the "Trust") (TSX: CHP.UN)
today completed its previously-announced acquisition of a portfolio of
nine commercial properties from Loblaw Companies Limited ("Loblaw").
The portfolio comprises over 900,000 square feet across Canada and is
made up of four stand-alone supermarkets, three shopping centres, one
single-tenant retail store, and one commercial complex, which includes
a stand-alone supermarket and a warehouse. This acquisition signals the
commencement of Choice Properties' development program, which is one of
the Trust's key growth vehicles.
The total purchase price was $149.5 million, of which $98.9 million was
funded through the issuance of 9,925,671 Class B LP Units of Choice
Properties Limited Partnership, with the remainder settled in cash.
Class B LP Units of Choice Properties Limited Partnership are
exhangeable into, and economically equivalent to, Units of the Trust.
About Choice Properties Real Estate Investment Trust
Choice Properties Real Estate Investment Trust is an owner, manager and
developer of well-located commercial real estate across Canada. Choice
Properties' portfolio spans approximately 36.2 million square feet of
gross leasable area and consists of 434 properties primarily focused on
supermarket-anchored shopping centres, stand-alone supermarkets and
other retail properties. Choice Properties' strategy is to create value
by enhancing and optimizing its property portfolio, which was built
over thirty years by Loblaw, the Trust's principal tenant, and largest
Unitholder and lender. Choice Properties' strong alliance with Loblaw
positions it well for future growth. For more information, visit Choice
Properties' website at www.choicereit.ca and Choice Properties' issuer profile at www.sedar.com.
SOURCE: Choice Properties Real Estate Investment Trust
For further information:
Vice President, Investor Relations and
Financial Planning & Analysis
Choice Properties Real Estate Investment Trust
t (905) 861-2256