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BRAMPTON, ON, Oct. 22, 2013 /CNW/ - Choice Properties Real Estate Investment Trust ("Choice Properties" or the "Trust") (TSX: CHP.UN) today completed its previously-announced acquisition of a portfolio of nine commercial properties from Loblaw Companies Limited ("Loblaw").
The portfolio comprises over 900,000 square feet across Canada and is made up of four stand-alone supermarkets, three shopping centres, one single-tenant retail store, and one commercial complex, which includes a stand-alone supermarket and a warehouse. This acquisition signals the commencement of Choice Properties' development program, which is one of the Trust's key growth vehicles.
The total purchase price was $149.5 million, of which $98.9 million was funded through the issuance of 9,925,671 Class B LP Units of Choice Properties Limited Partnership, with the remainder settled in cash. Class B LP Units of Choice Properties Limited Partnership are exhangeable into, and economically equivalent to, Units of the Trust.
About Choice Properties Real Estate Investment Trust
Choice Properties Real Estate Investment Trust is an owner, manager and developer of well-located commercial real estate across Canada. Choice Properties' portfolio spans approximately 36.2 million square feet of gross leasable area and consists of 434 properties primarily focused on supermarket-anchored shopping centres, stand-alone supermarkets and other retail properties. Choice Properties' strategy is to create value by enhancing and optimizing its property portfolio, which was built over thirty years by Loblaw, the Trust's principal tenant, and largest Unitholder and lender. Choice Properties' strong alliance with Loblaw positions it well for future growth. For more information, visit Choice Properties' website at www.choicereit.ca and Choice Properties' issuer profile at www.sedar.com.
SOURCE Choice Properties Real Estate Investment Trust