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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]
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.
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Wall Street experts highlighted the most important stock market charts to watch into next year. From interest rates to software stocks, here's what Wall Street's top technical experts are watching.
The S&P/TSX 60 Index is a stock market index of 60 large companies listed on the Toronto Stock Exchange.Launched on December 30, 1998 by the Canadian S&P Index Committee, [1] a unit of S&P Dow Jones Indices, the index has components across nine sectors of the Canadian economy.
Of the 11 sectors that make up the broad S&P 500 index, tech was down the most on Friday, while the real estate sector, which gains value with rising rates, was flat.