Choice Properties REIT confirms support for the plan by Loblaw to spin out its interest in Choice Properties REIT

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[{"type":"text","content":"\n\n\n\nChoice Properties REIT confirms support for the plan by Loblaw to spin out its interest in Choice Properties REIT\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Sept. 4, 2018\n\n\n\nGEORGE WESTON TO BECOME 65% UNITHOLDER OF CHOICE PROPERTIES REIT\n\n\n\nTORONTO, Sept. 4, 2018 /CNW/ - Choice Properties Real Estate Investment Trust (TSX:CHP.UN, \"Choice\" or \"Choice Properties\") today confirmed support for the plan announced by Loblaw Companies Limited (TSX:L, \"Loblaw\") and George Weston Limited (TSX:WN, \"GWL\") for a proposed reorganization, under which Loblaw will spin out its 61.6% interest in Choice Properties.  Each Loblaw common shareholder, other than GWL, will receive GWL common shares that are equivalent in value to their pro rata interest in Choice Properties.  GWL currently directly owns 3.8% of Choice, and following the completion of the proposed transaction, GWL's interest in Choice will be 65.4%.\n\n\nAlthough no approval is required from the Choice Board of Trustees or the Choice unitholders for the proposed spin-out, the Board of Trustees and management of Choice Properties are supportive of the transaction. \n\nStephen Johnson, President and Chief Executive Officer of Choice Properties, said, \"This transaction, which results in our major shareholder becoming GWL instead of Loblaw, will improve clarity for all Choice investors as we continue to reposition and grow our business as a major property owner and developer.  Through its direct ownership in Choice Properties, GWL is committed to support Choice's future growth plans as a long-term owner, manager and developer of a high-quality, diversified real estate portfolio.\"\n\nThe transaction will have no impact on the important, ongoing relationship between Loblaw and Choice Properties.  All current agreements and arrangements with Loblaw, including the Strategic Alliance Agreement and leases, will remain in place after the spin-out. In addition, Loblaw will continue to be Choice Properties' largest tenant.\n\nThe...

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