Canada's Choice Properties Real Estate Investment Trust closed its sale of a 30-property portfolio to an affiliate of Chicago-based real estate investment management firm Oak Street Real Estate Capital LLC for approximately C$426 million.
The portfolio comprises 27 stand-alone retail properties and three distribution centers with an average lease term of about 12 years with Loblaw Cos. Ltd.
The Toronto-based REIT will use the proceeds from the sale to repay debt.
