Loblaw Raises $400M in REIT Spinoff

BRAMPTON, Ontario – The public spinoff of Loblaw’s real estate holdings raised around $400 million (Canadian) in its initial public offering, making it the largest real estate investment trust launch in Canada, reports said Wednesday.

Around 40 million shares of the newly created Choice Properties sold at $10, according to a Bloomberg report, which was near the high end of the pricing range expected.

The REIT, consisting of 415 Loblaw-owned stores and nine of its warehouses, is to begin trading publicly next week.

Bloomberg said the IPO surpassed Dundee International’s 2011 REIT raising $270 million as Canada’s largest REIT launch ever.

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