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The SuperStore in Bridgewater, N.S., is one of 30 properties being sold by Choice Properties REIT. (Google Street View)
Choice Properties REIT (CHP.UN-T) says it has an agreement to sell a portfolio of 30 properties (27 retail sites and three distribution centres) across Canada for $426 million.
Choice does not identify the purchaser in its release Friday morning, but calls it a “third party”. The transaction is subject to customary closing conditions and is scheduled to close on Sept. 30.
The portfolio consists of 27 stand-alone retail properties and three distribution centres with an average lease term of approximately 12 years with Loblaw Companies Limited. Choice says the portfolio is being sold at slightly above its IFRS carrying value, and proceeds from the transaction will be used to repay debt.
“We are pleased to execute on this opportunity to recycle capital,” said Rael Diamond, president and chief executive officer, in the release. “Along with the recent issuance of equity, this transaction further strengthens our balance sheet by reducing leverage and providing additional capacity to fund our significant development program.”
Properties in secondary markets
All the properties included in the sale are in secondary or smaller markets, and the geographic range spans almost the entire breadth of the country, from Nova Scotia and New Brunswick through Alberta and north to Whitehorse and Yellowknife.
The purchaser also has the option to acquire two additional stand-alone retail properties for $29 million. If exercised, the additional properties are scheduled to close in Q4 2019.
BMO Capital Markets Real Estate Inc. is acting as an advisor on this transaction.
The properties in the portfolio are:
|
Property Address |
City |
Province |
Asset Class |
|
845 Ave. du Pont N |
Alma |
QC |
Retail |
|
25 Savoie Ave. |
Atholville |
NB |
Retail |
|
920 Victoria Ave. |
Brandon |
MB |
Retail |
|
21 Davison Dr. |
Bridgewater |
NS |
Retail |
|
726 Principale St. |
Casselman |
ON |
Retail |
|
75 Deep River Rd. |
Deep River |
ON |
Retail |
|
451 Main St. |
Kentville |
NS |
Retail |
|
300 Main St. E |
Kingsville |
ON |
Retail |
|
166 Conception Bay Hwy. |
Manuels, C.B.S. |
NL |
Retail |
|
282 Rue Ouellette |
Marieville |
QC |
Retail |
|
1792 Trans Canada Way SE |
Medicine Hat |
AB |
Retail |
|
277 King St. |
Midland |
ON |
Retail |
|
9292 County Rd. #93 |
Midland |
ON |
Retail |
|
10 Deware Dr. |
Moncton |
NB |
Industrial |
|
775 Frenette Ave. |
Moncton |
NB |
Industrial |
|
1 Laurentian Ave. |
North Bay |
ON |
Retail |
|
519 Main St. |
Powassan |
ON |
Retail |
|
2101 Fleming Rd. |
Regina |
SK |
Industrial |
|
342 Rue Temiscouata |
Rivière-du-Loup |
QC |
Retail |
|
612 Main St. |
Sauble Beach |
ON |
Retail |
|
480 Boul. Sainte-Anne |
Ste-Anne-Des-Plaines |
QC |
Retail |
|
5101 – 47th Ave. |
Stettler |
AB |
Retail |
|
260 Rue Saint Cyrille |
St-Raymond |
QC |
Retail |
|
82 Lorne St. |
Sudbury |
ON |
Retail |
|
1200 Main St. E |
Swan River |
MB |
Retail |
|
4524 Feeney Ave. |
Terrace |
BC |
Retail |
|
100 Rue Des Oblats Nord |
Ville-Marie |
QC |
Retail |
|
115 Souris Ave. NW |
Weyburn |
SK |
Retail |
|
2270 2nd Ave. |
Whitehorse |
YT |
Retail |
|
250 Old Airport Rd. |
Yellowknife |
NT |
Retail |
About Choice Properties REIT
Choice Properties is the owner, manager and developer of a portfolio comprising 756 properties totalling 68 million square feet of gross leasable area.
Choice Properties portfolio is comprised of retail properties predominantly leased to necessity‐based tenants; industrial, office and residential assets concentrated in attractive markets; and offers a substantial development pipeline.
Choice Properties’ strategic alliance with its principal tenant, Loblaw Companies Limited, the country’s leading retailer, is a key competitive advantage providing long-term growth opportunities.
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