Business
Choice Properties Real Estate Investment Trust and Loblaw Companies Limited Announce Industrial Development in the GTA
Choice Properties Real Estate Investment Trust and Loblaw Companies Limited Announce Indu...
About this update from Loblaw Companies Limited
[{"type":"text","content":"\n \n \n \n Choice Properties Real Estate Investment Trust and Loblaw Companies Limited Announce Industrial Development in the GTA\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 TORONTO\n \n ,\n \n June 3, 2022\n \n /CNW/ - Choice Properties Real Estate Investment Trust (\"Choice Properties\" or the \"Trust\") (TSX: CHP.UN) and Loblaw Companies Limited (\"Loblaw\") (TSX: L) announced today that the Trust exercised its previously announced equity conversion right from Rice Group to acquire a 75% ownership interest in 154 developable acres of industrial land in East Gwillimbury in the\n \n Greater Toronto Area\n \n (the \"Property\"), and that Loblaw intends to build a 1.2 million square foot, automated, multi-temperature industrial facility on part of the Property to add capacity and create new capabilities for the retailer (the \"Distribution Facility\"). The Property is strategically located at the corner of Highway 404 and Green Lane East, with excellent access to major highways.\n \n \n The development plan for the Property is for the Trust to build a multi-phase industrial park with the potential for approximately 1.8 million square feet of new generation logistics space (the \"Development\"). For the first phase of the Development, the Trust and Loblaw entered into an approximately 100-acre land lease. Choice Properties and Rice Group's total initial cost of the project is approximately\n \n $170 million\n \n , including land and site preparation. Preparation of the site for the first and following phases is anticipated to take place over a period of 15 months. The cost of the Distribution Facility is already contemplated in Loblaw's capital planning and projections and Loblaw expects to bring the Distribution Facility into its operations in the first quarter of 2024.\n \n \n \"This development is a unique opportunity for Choice Properties to scale its existing industrial portfolio, and further demonstrates the benefits of our strong and strategic relationship with Loblaw,\" said\n \n Rael Diamond\n \n , President and Ch...