Choice Properties Real Estate Investment Trust, commonly referred to as Choice Properties, is a Canadian unincorporated, open-ended real estate investment trust (REIT) based in Toronto, Ontario. It is the largest real estate investment trust in Canada, with an enterprise value of $16 billion. It mainly owns Canadian retail properties anchored by its major tenant and majority unit holder, Loblaw Companies, Canada's largest food retailer, which is controlled by the Weston family.[1] It is listed on the Toronto Stock Exchange.
History
In December 2012, Loblaw announced that it would spin-off most of its real estate properties into a new publicly listed real estate investment trust.[2] The move would allow Loblaw to monetize the value of its real estate holdings, invest in its grocery business, and take advantage of the tax advantages of the REIT structure. On July 5, 2013, the new REIT, called Choice Properties, held an IPO on the Toronto Stock Exchange.[3] Loblaw initially transferred 426 properties, worth $7 billion, to the new company.