Loblaws to create $7 billion REIT: Queen's University expert
Queen’s University real estate expert John Andrew is available to talk about today’s news that Loblaws will create one of Canada’s largest real estate investment trusts (REIT) worth more than $7 billion.
“In announcing that it is taking its more than $7 billion (estimated) real estate holdings public in the form of a new REIT, Loblaws is the latest large Canadian company to jump on the REIT bandwagon. Given the significant tax advantages and ease of raising capital that REITs enjoy, this could make a lot of sense for Loblaws and its majority owner, George Weston Ltd,” says Dr. Andrew, the director of the Queen’s Real Estate Roundtable, and professor in the School of Urban and Regional Planning.
“Spinning off its real estate assets should complement its core grocery business well, especially as it faces increased competition from recent new entrants into this space, such as Walmart. REITs have attracted a great deal of capital over the past year, primarily because they have significantly outperformed nearly every other investment asset class.”
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