Choice Properties Real Estate Investment Trust Completes Acquisition of Portfolio from Weston Foods (Canada) Inc.

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[{"type":"text","content":"\n \n \n \n Choice Properties Real Estate Investment Trust Completes Acquisition of Portfolio from Weston Foods (Canada) Inc.\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n \n TORONTO, ON\n \n ,\n \n Dec. 18, 2020\n \n /CNW/ - Choice Properties Real Estate Investment Trust (\"\n \n Choice Properties\n \n \" or the \"\n \n Trust\n \n \") (TSX: CHP.UN) today completed an acquisition of a portfolio of six industrial properties (the \"\n \n Portfolio\n \n \") from Weston Foods (\n \n Canada\n \n ) Inc. (\"\n \n Weston Foods\n \n \"). The aggregate purchase price of the Portfolio was\n \n $79.1 million\n \n , excluding transaction costs, which was satisfied in full through the issuance of 5,824,742 Class B LP Units of Choice Properties Limited Partnership, which are exchangeable into, and economically equivalent to, units of the Trust. The purchase price for the acquisition was supported by an independent third-party appraisal obtained by the Trust.\n \n \n \n \n \n \n \n \n \n The Portfolio comprises 835,000 square feet of gross leasable area and is 100% leased to Weston Foods with an average lease term of 20 years. The properties are all located in key distribution markets across\n \n Canada\n \n , with approximately 65% of the Portfolio located in the\n \n Greater Toronto Area\n \n .\n \n \n \"We are pleased with the opportunity to expand our industrial portfolio by acquiring these high quality, well located assets,\" said,\n \n Rael Diamond\n \n , President and Chief Executive Officer of Choice Properties. \"This acquisition is consistent with our ongoing commitment to improving our portfolio and reducing leverage by issuing equity.  Further it demonstrates our ability to generate stable and growing net operating income through strategic acquisitions.\"\n \n \n \n About Choice Properties Real Estate Investment Trust\n \n \n \n Choice Properties,\n \n Canada's\n \n preeminent diversified real estate inve...

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