TORONTO, April 16, 2026 (GLOBE NEWSWIRE) — George Weston Limited (“GWL”) (TSX: WN) today announced it has committed to a $600 million equity investment in Choice Properties REIT (“Choice Properties”) (TSX: CHP.UN). The commitment has been made in connection with Choice Properties’ expected acquisition of approximately $5.0 billion of assets from First Capital REIT (“First Capital”), announced earlier today (the “Acquisition”).
Richard Dufresne, President and Chief Financial Officer of GWL, said, “We are pleased to support Choice Properties in this strategic and defining transaction. This Acquisition is expected to enhance the quality of Choice Properties’ portfolio and strengthen its long-term growth profile. Our continued majority ownership underscores our confidence in Choice Properties’ ability to deliver stable and growing cash flows and create long-term value for its unitholders and GWL shareholders.”
Choice Properties is expected to finance the Acquisition through the issuance of approximately $1.7 billion of new equity, with the balance funded through debt, including the assumption of certain debt of First Capital.
GWL intends to finance the equity commitment through a combination of its existing credit facilities and the issuance of additional indebtedness. GWL’s equity commitment, which is to be funded concurrent with the closing of the Acquisition, will result in the issuance of approximately 38.0M Choice Properties trust units. Upon completion of the Acquisition, GWL is expected to maintain its majority ownership position in Choice Properties with an approximate 58% interest. The investment is not expected to impact GWL’s current share buyback program.
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