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BRAMPTON, ON, June 1, 2015 /CNW/ - Loblaw Companies Limited
(TSX: L, "Loblaw") completed the sale of a portfolio of
thirty-eight properties to Choice Properties Real Estate Investment
Trust (the "REIT") on June 1, 2015
(the "Transaction"). The portfolio comprises approximately 1.5
million square feet of gross leasable area across Canada. The total purchase price was
approximately $201.3 million, of
which approximately $102.2 million
was paid to Loblaw through the issuance of Class B limited
partnership units (the "Class B Units") of Choice Properties
Limited Partnership, with the remainder in cash. The Class B Units
are exchangeable on a one-for-one basis for, and are economically
equivalent to, trust units of the REIT (the "REIT Units").
As a result of the Transaction, Loblaw has been
issued 9,237,166 Class B Units representing approximately 2.3 per
cent of the aggregate issued and outstanding Class B Units and REIT
Units as of June 1, 2015 following
the closing of the Transaction, on a fully exchanged basis. Loblaw
now holds an effective interest in the REIT of approximately 83.1
per cent.
About Loblaw Companies Limited
Loblaw Companies Limited is Canada's food and pharmacy leader, the
nation's largest retailer, and the majority unitholder of Choice
Properties Real Estate Investment Trust. Loblaw provides Canadians
with grocery, pharmacy, health and beauty, apparel, general
merchandise, banking, and wireless mobile products and services.
With more than 2,300 corporate, franchised and Associate-owned
locations, Loblaw, its franchisees, and Associate-owners employ
approximately 192,000 full- and part-time employees, making it one
of Canada's largest private sector
employers.
Loblaw's purpose - Live Life Well - puts first
the needs and well-being of Canadians who make one billion
transactions annually in the companies' stores. Loblaw is
positioned to meet and exceed those needs in many ways: convenient
locations; more than 1,050 grocery stores that span the value
spectrum from discount to specialty; full-service pharmacies at
more than 1,250 Shoppers Drug Mart and Pharmaprix locations and
more than 500 Loblaw locations; no-fee banking with PC Financial;
affordable Joe Fresh fashion and
family apparel; and three of Canada's top consumer brands in Life Brand®,
noname® and President's Choice®. Through the PC Plus™ and Shoppers
Optimum® loyalty programs, more than one in every three Canadians
are rewarded for shopping with the companies.
For more information, visit Loblaw's website at
www.loblaw.ca and Loblaw's issuer profile at www.sedar.com.
SOURCE George Weston Limited