TORONTO,
May 24, 2013 /CNW/ - George Weston
Limited (TSX: WN) ("Weston or the Company") announced today that
Choice Properties REIT, a real estate investment trust created by
its subsidiary, Loblaw Companies Limited, filed preliminary
prospectuses regarding an initial public offering of trust units
and a concurrent offering of senior unsecured debentures with
securities regulatory authorities in Canada.
Copies of the preliminary prospectuses will be
available on SEDAR at www.sedar.com.
Weston also announced today its intention to
purchase 20,000,000 units of the REIT at the offering price for a
total amount of $200 million.
"I am excited about the potential of Choice
Properties REIT to maximize the value of Loblaw's real estate over
time while ensuring that Loblaw remains well positioned to grow the
business going forward. I believe a direct investment in the REIT
is a good investment for Weston that will yield incremental value
to our shareholders," commented W. Galen
Weston, Executive Chairman of the Company.
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.
Forward-Looking Statements
This press release may contain
forward-looking information within the meaning of applicable
securities legislation, which reflects the Company's current
expectations regarding future events. Forward-looking
information is based on a number of assumptions and is subject to a
number of risks and uncertainties, many of which are beyond the
Company's control, that could cause actual results and events to
differ materially from those that are disclosed in or implied by
such forward-looking information. Such risks and
uncertainties include, but are not limited to, failure to complete
the initial public offering of units and the debentures of the REIT
and related transactions. The Company does not undertake any
obligation to update such forward-looking information, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable law.
SOURCE George Weston Limited