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The move would allow Loblaw to monetize the value of its real estate holdings, invest in its grocery business, by reducing taxes through tax advantages of the REIT structure. [citation needed] Loblaw shares increased 24% on the news. [84] On July 5, 2013, the new REIT, Choice Properties REIT, held a CA$400 million IPO. [85]
The mainly retail properties represented 75% of Loblaw's real estate assets. [4] The IPO raised $400 million, and was the largest on the Toronto Stock Exchange that year. [5] Loblaw retained 83.1% ownership in the new company after the IPO, and its parent company George Weston Limited had a 5.6% interest. [6]
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George Weston Limited, often referred to as Weston or Weston's, is a Canadian holding company.Founded by George Weston in 1882, the company today consists of the Choice Properties real estate investment trust and Loblaw Companies Limited, Canada's largest supermarket retailer, in which it maintains a controlling interest.
Stock indexes drifted to a mixed finish on Wall Street as some heavyweight technology and communications sector stocks offset gains elsewhere in the market. The S&P 500 slipped less than 0.1% ...
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Pisani has worked for CNBC since 1990. Until 1997, Pisani largely covered the real estate industry and corporate management. Since then, he has reported live from the floor of the New York Stock Exchange, surrounded by floor traders. He mainly focuses on activity in major stock market indices and is CNBC's senior markets correspondent.
Year World market cap Number of listed companies Millions of US$ % of GDP; 1975 1,149,245 27.2 14,577 1980 2,525,736 29.6 17,273 1985 4,684,978 47.0 20,555