Choice Properties REIT Sells Office, Retail Assets for $81M
Choice Properties REIT has sold two assets for $81 million.
George Weston Limited, Choice’s majority owner, said the REIT sold an office building and a retail property in the third quarter. The company did not disclose the locations or purchasers of the two assets.
Choice owns, manages and develops a portfolio of commercial and residential properties across Canada. The divestments were announced in George Weston’s third quarter report.
Choice reported its quarterly earnings earlier this month. The REIT said it achieved higher rental rates primarily in the retail and industrial sectors, along with higher capital and operating recoveries.
George Weston operates through its two reportable operating segments, the Loblaw grocery store chain and Choice.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.