Choice Properties Real Estate Investment Trust ("Choice Properties" or the "Trust") (TSX: CHP.UN) announced today that it has entered into an agreement to acquire two real estate assets (the "Properties") from Wittington Properties Limited ("Wittington") for an aggregate purchase price of approximately $206 million, excluding transaction costs, which will be satisfied in full by the issuance of 16.5 million trust units of Choice Properties.
The Properties include: (i) the remaining 60% interest in West Block, a mixed-use site that combines retail shops anchored by a Loblaws grocery store and office space located on the northeast corner of Lake Shore Boulevard and Bathurst Street in Toronto.
As previously announced, Choice Properties entered into a joint venture partnership with Wittington to revitalize and restore the original Loblaw Groceterias building to create West Block. Upon the completion of this acquisition, Choice Properties will hold a 100% ownership interest in West Block.