TORONTO,
Dec. 6, 2012 /CNW/ - George Weston
Limited (TSX: WN) ("Weston") announced today that its subsidiary
Loblaw Companies Limited (TSX:L) ("Loblaw") intends to create a
Real Estate Investment Trust ("REIT") to acquire a significant
portion of Loblaw's real estate assets and to sell units of the
REIT by way of an Initial Public Offering. Loblaw estimates that it
will initially contribute real estate with a current market value
exceeding $7 billion to the REIT and
intends to retain a significant majority interest. This development
was announced by way of a news release issued by Loblaw earlier
today and can be found at www.loblaw.ca.
Forward-Looking Statements
This News Release contains forward-looking
statements about the objectives, plans, goals, aspirations,
intentions, strategies, prospects and opportunities of Weston and Loblaw. Forward-looking statements
in this News Release include statements relating to the proposed
REIT transaction and expected future attributes of the REIT
following the transaction and Loblaw's expected ownership level in
the REIT. These forward-looking statements are not historical
facts but reflect the Company's current expectations concerning
future plans, actions and results. These statements are
subject to a number of risks and uncertainties that could cause
actual plans, actions and results to differ materially from current
expectations including, but not limited to, unanticipated
developments that may delay or negatively impact the proposed
transaction, changes in economic and market conditions, and other
risks and uncertainties discussed in the Company's materials filed
with the Canadian securities regulatory authorities from time to
time, including the Enterprise Risks and Risk Management sections
of the Management's Discussion and Analysis ("MD&A") and the
MD&A included in the Company's 2011 Annual Report. There
can be no assurance that the proposed transaction will be completed
as anticipated or at all. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect the
Company's expectations only as of the date of this News Release.
The Company disclaims any intention or obligation to update or
revise these forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
About George Weston Limited
George Weston Limited is one of North
America's largest food processing and distribution groups
operating in two segments: baking through Weston Foods, and food
and general merchandise distribution through Loblaw Companies
Limited.
SOURCE George Weston Limited