TORONTO, Dec. 6, 2012 /CNW/ - George Weston Limited (TSX: WN) ("Weston") announced today that its subsidiary Loblaw Companies Limited (TSX:L) ("Loblaw") intends to create a Real Estate Investment Trust ("REIT") to acquire a significant portion of Loblaw's real estate assets and to sell units of the REIT by way of an Initial Public Offering. Loblaw estimates that it will initially contribute real estate with a current market value exceeding $7 billion to the REIT and intends to retain a significant majority interest. This development was announced by way of a news release issued by Loblaw earlier today and can be found at www.loblaw.ca.
This News Release contains forward-looking statements about the objectives, plans, goals, aspirations, intentions, strategies, prospects and opportunities of Weston and Loblaw. Forward-looking statements in this News Release include statements relating to the proposed REIT transaction and expected future attributes of the REIT following the transaction and Loblaw's expected ownership level in the REIT. These forward-looking statements are not historical facts but reflect the Company's current expectations concerning future plans, actions and results. These statements are subject to a number of risks and uncertainties that could cause actual plans, actions and results to differ materially from current expectations including, but not limited to, unanticipated developments that may delay or negatively impact the proposed transaction, changes in economic and market conditions, and other risks and uncertainties discussed in the Company's materials filed with the Canadian securities regulatory authorities from time to time, including the Enterprise Risks and Risk Management sections of the Management's Discussion and Analysis ("MD&A") and the MD&A included in the Company's 2011 Annual Report. There can be no assurance that the proposed transaction will be completed as anticipated or at all. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's expectations only as of the date of this News Release. The Company disclaims any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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.
SOURCE: George Weston Limited
For further information:
Geoffrey H. Wilson
Senior Vice President,
Financial Control and Investor Relations