Choice Properties Real Estate Investment Trust Completes $426 Million Portfolio Disposition

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[{"type":"text","content":"\n\n\n\nChoice Properties Real Estate Investment Trust Completes $426 Million Portfolio Disposition\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\nCanada NewsWire\nTORONTO, Sept. 30, 2019\n\n\n\nTORONTO, Sept. 30, 2019 /CNW/ - Choice Properties Real Estate Investment Trust (\"Choice Properties\" or the \"Trust\") (TSX: CHP.UN) announced today that it has completed its previously announced disposition of a 30 property portfolio (the \"Portfolio\") for an aggregate sale price of approximately $426 million (the \"Transaction\") to an affiliate of Oak Street Real Estate Capital LLC. \n\n \n \n\n \nThe unencumbered Portfolio consists of 27 stand-alone retail properties and 3 distribution centres with an average lease term of approximately twelve years with Loblaw Companies Limited. The Portfolio was sold at slightly above its IFRS carrying value and the proceeds from the Transaction will be used to repay debt. \nAbout Choice Properties Real Estate Investment TrustChoice Properties, Canada's preeminent diversified real estate investment trust, is the owner, manager and developer of a high-quality portfolio comprising 727 properties totaling 65 million square feet of gross leasable area. Choice Properties owns a portfolio comprised of retail properties predominantly leased to necessity‐based tenants; industrial, office and residential assets concentrated in attractive markets; and offers an impressive and substantial development pipeline. Choice Properties' strategic alliance with its principal tenant, Loblaw Companies Limited, the country's leading retailer, is a key competitive advantage providing long-term growth opportunities. For more information, visit Choice Properties' website at www.choicereit.ca and Choice Properties' issuer profile at www.sedar.com.\nAbout Oak Street Real Estate CapitalOak Street Real Estate Capital is a real estate investment management firm based in Chicago, Illinois, USA. Oak Street manages both commingled funds and separate accounts on behalf of both institutional and high net-worth investors. The firm focuses on acq...

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