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Choice Properties agrees to C$426M portfolio sale

Toronto-based Choice Properties Real Estate Investment Trust agreed to sell a 30-property portfolio to an unnamed third-party buyer for roughly C$426 million.

The portfolio comprises 27 stand-alone retail properties and three distribution centers with an average lease term of roughly 12 years with Loblaw Cos. Ltd.

Proceeds from the deal, which is expected to close Sept. 30, are expected to go toward repaying debt. The sale is subject to customary closing conditions.

The buyer also has the option to acquire two additional stand-alone retail properties for roughly C$29 million. If the buyer exercises the option, the sale of the additional properties is expected to close in the fourth quarter.

BMO Capital Markets Real Estate Inc. is advising on the transaction.