Choice Properties REIT, a Canada (CAD)-based real estate investment trust company, is planning to acquire two mixed-use office and retail properties in Toronto for C$206 million ($153.7 million).
The transaction involves the remaining 60 percent stake in West Block, a mixed-use site that combines retail shops anchored by a Loblaws grocery store and office space.
Choice Properties will buy the assets, comprising approximately 585,000 square feet of gross leasable area, from Wittington Properties Ltd.
Subject to customary closing conditions, including approval from the Toronto Stock Exchange, the deal is is expected to be completed by July 31.