Choice Properties Real Estate Investment Trust and Loblaw Companies Limited announced today that the Trust exercised its previously announced equity conversion right from Rice Group to acquire a 75% ownership interest in 154 developable acres of industrial land in East Gwillimbury in the Greater Toronto Area, and that Loblaw intends to build a 1.2 million square foot, automated, multi-temperature industrial facility on part of the Property to add capacity and create new capabilities for the retailer. The Property is strategically located at the corner of Highway 404 and Green Lane East, with excellent access to major highways.
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