Business
Loblaw Companies Limited Completes Sale of Thirty-Eight Properties to Choice Properties Real Estate Investment Trust
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[{"type":"text","content":"\n\n\nNot for distribution to U.S. News Wire Services or dissemination in the\n United States.\n\n\nBRAMPTON, ON, June 1, 2015 /CNW/ - Loblaw Companies Limited (TSX: L,\n \"Loblaw\") completed the sale of a portfolio of thirty-eight properties\n to Choice Properties Real Estate Investment Trust (the \"REIT\") on June\n 1, 2015 (the \"Transaction\"). The portfolio comprises approximately 1.5\n million square feet of gross leasable area across Canada. The total\n purchase price was approximately $201.3 million, of which approximately\n $102.2 million was paid to Loblaw through the issuance of Class B\n limited partnership units (the \"Class B Units\") of Choice Properties\n Limited Partnership, with the remainder in cash. The Class B Units are\n exchangeable on a one-for-one basis for, and are economically\n equivalent to, trust units of the REIT (the \"REIT Units\").\n\n\nAs a result of the Transaction, Loblaw has been issued 9,237,166 Class B\n Units representing approximately 2.3 per cent of the aggregate issued\n and outstanding Class B Units and REIT Units as of June 1, 2015\n following the closing of the Transaction, on a fully exchanged basis.\n Loblaw now holds an effective interest in the REIT of approximately\n 83.1 per cent.\n\n\nAbout Loblaw Companies Limited \n\n\nLoblaw Companies Limited is Canada's food and pharmacy leader, the\n nation's largest retailer, and the majority unitholder of Choice\n Properties Real Estate Investment Trust. Loblaw provides Canadians with\n grocery, pharmacy, health and beauty, apparel, general merchandise,\n banking, and wireless mobile products and services. With more than\n 2,300 corporate, franchised and Associate-owned locations, Loblaw, its\n franchisees, and Associate-owners employ approximately 192,000 full-\n and part-time employees, making it one of Canada's largest private\n sector employers.\n\n\nLoblaw's purpose - Live Life Well - puts first the needs and well-being\n of Canadians who make one billion transactions annually in the\n companies' stores. Loblaw is positioned to meet and exceed those needs\n in many ways: convenient locations; more than 1,050 grocery stores that\n span the value spectrum from discount to specialty; full-service\n pharmacies at more than 1,250 Shoppers Drug Mart and Pharmaprix\n locations and more than 500 Loblaw locations; no-fee banking with PC\n...