Loblaw sells $7B of real property to Choice Properties Real Estate Investment Trust and Choice Properties completes $460M initial public offering of units

Date Closed: 07/05/2013

Value: C$460 million

On July 5, 2013, Loblaw Companies Limited (Loblaw) and Choice Properties Real Estate Investment Trust (Choice Properties) announced that Choice Properties had completed a $400 million initial public offering of trust units ($460 million upon the underwriters full exercise of the over-allotment option on July 15, 2013). In connection with the closing of the initial public offering, Loblaw sold a portfolio of 425 properties indirectly to Choice Properties for a total purchase price of approximately $7 billion.

BLG represented Loblaw and Choice Properties on real estate and corporate matters with a national team that includes Murray Shopiro, David Mydske, Shelley Munro, Mark Lewis, Serge Lakatos, Brennan Carroll, Richard Manias, Rocco D’Angelo, Leah Elliott, John Sullivan, Catherine Guertin (Real Estate), Andrew Bunston, Graeme Martindale and Patricia Galella (corporate/securities).