Choice Properties REIT has acquired nine industrial properties across Canada for a total of $340.3 million this month.

The acquisitions include an industrial distribution centre in Ajax, Ont., purchased from Loblaw and leased back to the grocery retailer, as well as eight undisclosed industrial outdoor-storage sites from an unidentified third party. Choice announced the deals in its first-quarter 2025 earnings report for the three-month period that ended March 31.

Rael Diamond, president and CEO of Choice Properties, said the REIT is leveraging its strong tenant base and balance sheet to pursue new growth opportunities, including the recent acquisitions .

During the first quarter, Choice completed $95.2 million in property transactions, acquiring one retail property and selling three retail assets along with a 50% interest in a retail land parcel.

Looking ahead to the remainder of 2025, Choice said plans to continue focusing on capital preservation, growing cash flows, and enhancing net asset value. The REIT plans to advance its commercial development pipeline, supported by a portfolio anchored by necessity-based and logistics tenants, which it said offers resilience in a volatile economic environment.

Pictured: Loblaw warehouse in Ajax, Ont.

Image: Turner Fleischer Architects

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