Loblaw Completes Spin Out of Choice Properties REIT

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[{"type":"text","content":"\n\n\n\nLoblaw Completes Spin Out of 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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Nov. 1, 2018\n\n\n\nTORONTO, Nov. 1, 2018 /CNW/ - Today, Loblaw Companies Limited (TSX: L, \"Loblaw\") and George Weston Limited (TSX: WN, \"GWL\") announced that Loblaw has completed the spin out of its 61.6% effective interest in Choice Properties Real Estate Investment Trust (TSX: CHP.UN, \"Choice Properties\") pursuant to a previously announced plan of arrangement (the \"Arrangement\"). \nGWL now owns an approximate 65.4% effective interest in Choice Properties directly (which includes the approximate 3.8% effective interest in Choice Properties owned by GWL prior to the reorganization). \nChoice Properties confirmed support of the Arrangement as GWL is a more natural long-term owner of Choice Properties and will provide support and capital for its growth and diversification plans.\nThe reorganization 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 reorganization. In addition, Loblaw will continue to be Choice Properties' largest tenant.\nAbout Choice Properties REIT\nChoice Properties, Canada's preeminent diversified real estate investment trust, is the owner and manager of a high-quality real estate portfolio, comprising 757 properties totaling 67.0 million square feet of gross leasable area.  The Choice Properties' portfolio consists of retail properties predominantly leased to necessity‐based tenants, as well as industrial, office and residential assets concentrated in attractive markets.  Choice Properties also has a significant property development program. Choice Properties' strategic alliance with its principal tenant, Loblaw, 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 Pro...

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