Wed, 07/05/2014 - 15:00
Choice Properties Real Estate Investment Trust has completed the acquisition of a portfolio of 20 retail properties from certain subsidiaries of Loblaw Companies Limited.
The aggregate purchase price for the portfolio was approximately USD200 million, excluding transaction costs.
"We are pleased to announce the accretive acquisition of a portfolio of high-quality, retail properties that are located across Canada and provide the potential for future site intensification and rental growth. The acquisition of these properties represents a key component of our growth strategy and is a strong fit with our existing portfolio," says John Morrison, president and chief executive officer, Choice Properties. "We remain focused on driving growth and creating value through development, acquisitions and active management."
With the completion of this acquisition, Choice Properties' portfolio consists of 456 properties comprising 444 retail properties, nine warehouse properties, one office complex, one industrial property and one parcel of land, totalling approximately 37.6 million square feet across Canada.
The acquisition was funded through the issuance of 11,259,208 Class B LP Units of Choice Properties Limited Partnership, which has a total dollar value of USD119.6 million and the balance was settled in cash. Class B LP Units of Choice Properties Limited Partnership are exchangeable into, and economically equivalent to, units of the trust. With the completion of this transaction Loblaw's and George Weston Limited's effective ownership interests in the trust are 82.6 per cent and 5.4 per cent, respectively.
The portfolio comprises 1.2 million sq ft of GLA across Canada with an average building age of 16 years, in line with the average age of the trust's existing portfolio. As principal tenant, Loblaw represents 89.3 per cent of total GLA with a lease term of 15 years for all Loblaw food stores. The remaining GLA of ancillary space is 80.8 per cent occupied.
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