{"id":16652,"date":"2013-07-05T08:04:00","date_gmt":"2013-07-05T12:04:00","guid":{"rendered":"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-realise-un-premier-appel-public-a-lepargne-de-400-millions-de-dollars-et-un-placement-dobligations-non-garanties-de-premier-rang-de-600-mil\/"},"modified":"2013-07-05T08:04:00","modified_gmt":"2013-07-05T12:04:00","slug":"choice-properties-real-estate-investment-trust-realise-un-premier-appel-public-a-lepargne-de-400-millions-de-dollars-et-un-placement-dobligations-non-garanties-de-premier-rang-de-600-mil","status":"publish","type":"news-release","link":"https:\/\/www.choicereit.ca\/fr\/news-release\/choice-properties-real-estate-investment-trust-realise-un-premier-appel-public-a-lepargne-de-400-millions-de-dollars-et-un-placement-dobligations-non-garanties-de-premier-rang-de-600-mil\/","title":{"rendered":"Choice Properties Real Estate Investment Trust r\u00e9alise un premier appel public \u00e0 l&#8217;\u00e9pargne de 400 millions de dollars et un placement d&#8217;obligations non garanties de premier rang de 600 millions de dollars"},"content":{"rendered":"<p>\/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE <span class=\"xn-location\">UNITED STATES<\/span>.\/<\/p>\n<p>BRAMPTON, ON, <span class=\"xn-chron\">July 5, 2013<\/span> \/CNW\/ \u2013 Choice Properties Real Estate Investment Trust (\u00ab\u00a0Choice Properties\u00a0\u00bb or the \u00ab\u00a0REIT\u00a0\u00bb) (TSX: CHP.UN) announced today that it has completed its initial public offering of 40,000,000 trust units (the \u00ab\u00a0Units\u00a0\u00bb) of the REIT (the \u00ab\u00a0Unit Offering\u00a0\u00bb) at a price of <span class=\"xn-money\">$10.00<\/span> per Unit. The Unit Offering raised gross proceeds of <span class=\"xn-money\">$400 million<\/span>. Concurrently, Choice Properties also closed its offering of <span class=\"xn-money\">$600 million<\/span> aggregate principal amount of senior unsecured debentures (the \u00ab\u00a0Debentures\u00a0\u00bb) of the REIT (the \u00ab\u00a0Debenture Offering\u00a0\u00bb).<\/p>\n<p align=\"justify\">The Units will commence trading today on the <span class=\"xn-location\">Toronto<\/span> Stock Exchange (the \u00ab\u00a0TSX\u00a0\u00bb) under the symbol \u00ab\u00a0CHP.UN\u00a0\u00bb.<\/p>\n<p align=\"justify\">Choice Properties used the proceeds of the Unit Offering to indirectly acquire, through Choice Properties Limited Partnership (the \u00ab\u00a0Partnership\u00a0\u00bb), from Loblaw Companies Limited (\u00ab\u00a0Loblaw\u00a0\u00bb) a portfolio of real estate that consists of 425 properties (the \u00ab\u00a0Initial Properties\u00a0\u00bb) totalling approximately 35.3 million square feet of gross leasable area, comprising of 415 retail properties, one office complex and nine warehouse properties.  The aggregate purchase price for the Initial Properties was approximately <span class=\"xn-money\">$7 billion<\/span>.<\/p>\n<p align=\"justify\">Choice Properties initially intends to make monthly cash distributions of $0.054167 per Unit, which are initially expected to provide an annual yield of 6.50%. The first distribution of the REIT will be in the amount of $0.102249 per Unit for the period from closing to <span class=\"xn-chron\">August 31, 2013<\/span> and will be paid on or about <span class=\"xn-chron\">September 15, 2013<\/span>. Declared distributions will be paid on or about the 15<sup>th<\/sup> day of each month to Unitholders of record at the close of business on the last business day of the immediately preceding month.<\/p>\n<p align=\"justify\">The Unit Offering was underwritten by a syndicate of underwriters with CIBC, RBC Capital Markets and TD Securities Inc. acting as joint bookrunners. The REIT has granted the underwriters an over-allotment option, exercisable at any one time up to 30 days following the closing, to purchase up to an additional 6,000,000 Units, which if exercised in full, would increase the total gross proceeds of the Unit offering to <span class=\"xn-money\">$460 million<\/span>. The net proceeds of the over-allotment option will be used by Choice Properties for working capital purposes, which may include repayment of certain debt, and funding of future acquisitions.<\/p>\n<p align=\"justify\">The Debenture Offering included two series of Debentures, the <span class=\"xn-money\">$400 million<\/span> Series A Debentures with a 5-year term and a coupon of 3.554% per annum, and the <span class=\"xn-money\">$200 million<\/span> Series B Debentures with a 10-year term and a coupon of 4.903% per annum.  S&amp;P and DBRS have each provided the Debentures with a credit rating of \u00ab\u00a0BBB\u00a0\u00bb with a \u00ab\u00a0stable\u00a0\u00bb outlook. The Debentures rank equally with all other unsecured indebtedness of the REIT that has not been subordinated. The net proceeds of the Debenture Offering were used by the REIT to indirectly repay indebtedness.<\/p>\n<p align=\"justify\">The Debenture Offering was sold on an agency basis, with CIBC, RBC Capital Markets, TD Securities Inc. and BMO Capital Markets acting as joint bookrunners.<\/p>\n<p align=\"justify\">As at closing, Loblaw holds an approximate 83.1% effective interest in Choice Properties on a fully diluted basis through ownership of 21,500,000 Units and all of the Class B limited partnership units of the Partnership, which are economically equivalent to and exchangeable for Units.  In addition, Loblaw holds all of the outstanding Class C limited partnership units of the Partnership. In conjunction with the closing of the Unit Offering, <span class=\"xn-person\">George Weston<\/span> Limited (Loblaw\u2019s majority shareholder), indirectly purchased 20,000,000 Units from the REIT for a total subscription price of <span class=\"xn-money\">$200 million<\/span>, representing an approximate 5.6% effective interest in Choice Properties on a fully diluted basis.<\/p>\n<p align=\"justify\">The Units and the Debentures have not been, nor will they be, registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered, directly or indirectly, in the <span class=\"xn-location\">United States<\/span> or to, or for the account or benefit of, \u00a0\u00bbU.S. persons\u00a0\u00bb (as defined in Regulation S under the <span class=\"xn-location\">United States<\/span> Securities Act of 1933, as amended) except pursuant to certain exemptions. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units or the Debentures in the <span class=\"xn-location\">United States<\/span> or to, or for the account or benefit of, U.S. persons.<\/p>\n<p align=\"justify\"><b>About Choice Properties Real Estate Investment Trust<\/b><br>Choice Properties Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust primarily focused on managing and acquiring supermarket-anchored shopping centres, stand-alone supermarkets and other retail properties. Its initial portfolio represents approximately 35.3 million square feet of gross leasable area in markets across <span class=\"xn-location\">Canada<\/span>. Loblaw is the REIT\u2019s most significant tenant, largest Unitholder and principal lender. For more information visit Choice Properties REIT\u2019s website at <a href=\"http:\/\/www.choicereit.ca\">www.choicereit.ca<\/a> and Choice Properties\u2019 issuer profile at <a href=\"http:\/\/www.sedar.com\">www.sedar.com<\/a>.<\/p>\n\n<p><i><b>Forward -Looking Statements<\/b><\/i><\/p>\n<p align=\"justify\"><i>This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Choice Properties\u2019 current expectations regarding future events.  Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Choice Properties\u2019 control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under \u00ab\u00a0Risk Factors\u00a0\u00bb in each of the final prospectus of Choice Properties dated <span class=\"xn-chron\">June 26, 2013<\/span> with respect to the Units and the final prospectus of Choice Properties dated <span class=\"xn-chron\">June 26, 2013<\/span> with respect to the Debentures.  Choice Properties does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.<\/i> <\/p>\n<p>SOURCE: Choice Properties Real Estate Investment Trust<\/p>\n","protected":false},"template":"","class_list":["post-16652","news-release","type-news-release","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Choice Properties Real Estate Investment Trust r\u00e9alise un premier appel public \u00e0 l&#8217;\u00e9pargne de 400 millions de dollars et un placement d&#8217;obligations non garanties de premier rang de 600 millions de dollars - Propri\u00e9t\u00e9s DeChoix<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-completes-400-million-initial-public-offering-and-600-million-senior-unsecured-debenture-offering\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Choice Properties Real Estate Investment Trust r\u00e9alise un premier appel public \u00e0 l&#8217;\u00e9pargne de 400 millions de dollars et un placement d&#8217;obligations non garanties de premier rang de 600 millions de dollars\" \/>\n<meta property=\"og:description\" content=\"\/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.\/ BRAMPTON, ON, July 5, 2013 \/CNW\/ \u2013 Choice Properties Real Estate Investment Trust (\u00ab\u00a0Choice Properties\u00a0\u00bb or the \u00ab\u00a0REIT\u00a0\u00bb) (TSX: CHP.UN) announced today that it has completed its initial public offering of 40,000,000 trust units (the \u00ab\u00a0Units\u00a0\u00bb) of the REIT (the \u00ab\u00a0Unit [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.choicereit.ca\/news-release\/choice-properties-real-estate-investment-trust-completes-400-million-initial-public-offering-and-600-million-senior-unsecured-debenture-offering\/\" \/>\n<meta property=\"og:site_name\" content=\"Propri\u00e9t\u00e9s DeChoix\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data1\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/choice-properties-real-estate-investment-trust-completes-400-million-initial-public-offering-and-600-million-senior-unsecured-debenture-offering\\\/\",\"url\":\"https:\\\/\\\/www.choicereit.ca\\\/news-release\\\/choice-properties-real-estate-investment-trust-completes-400-million-initial-public-offering-and-600-million-senior-unsecured-debenture-offering\\\/\",\"name\":\"Choice Properties Real Estate Investment Trust r\u00e9alise un premier appel public \u00e0 l&#8217;\u00e9pargne de 400 millions de dollars et un placement d&#8217;obligations non garanties de premier rang de 600 millions de dollars - 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