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Loblaw REIT raises $400M in IPO

Tags: Loblaw

Loblaw Cos Ltd (L-T), Canada's largest food retailer, said its real estate investment trust raised $400 million in an initial public offering.

Choice Properties Real Estate Investment Trust (CHP.UN-T) sold 40 million units at $10.00 per unit. The units debuted below their offer price at $9.95 on the Toronto Stock Exchange.

The units were the most traded on the exchange, with more than 2 million units changing hands by 10:10 a.m. ET on Friday.

The REIT also raised $600 million through issuance of senior debentures and completed a $200 million offering to George Weston Ltd (WN-T), Loblaw's biggest shareholder.

Loblaw had said it planned to spin off real estate worth more than $7 billion into a REIT and sell units of the trust through an initial public offering in July.

The company said on Friday it sold a portfolio of 425 properties indirectly to the REIT for about $7 billion.

Choice Properties initially plans to make monthly cash distributions of $0.054167 per unit. CTV Two CTV News CTV News Channel BNN - Business News Network CP24