Loblaw Set to Create One of Canada’s Largest REITs
From the Globe and Mail:
Loblaw Cos. Ltd. is preparing to create what it says will be one of Canada’s largest real estate investment trusts.
The Toronto-based grocery giant says it wants to unlock value for shareholders and maximize the value of its real estate portfolio by establishing a REIT that will go public by the middle of 2013.
Loblaw estimates that it will initially contribute real estate with a current market value exceeding $7-billion to the REIT and wants to keep a significant majority interest in the REIT.
“The creation of the REIT is expected to build long-term value both for Loblaw and the REIT,” Loblaw chairman Galen Weston said in a news release Thursday.
At a Glance: Loblaw in B.C.
- Over 50 properties in B.C. with an assessed value of $870 Million
- 24 properties in Metro Vancouver
- Superstore on Marine Drive assessed value of $83 Million