Choice Properties Real Estate Investment Trust recently finalized a portfolio acquisition of 16 properties from subsidiaries of Loblaw Companies Limited for $211.9 million.

The portfolio consists of 11 supermarkets, four Loblaw-anchored retail sites and one warehouse that is fully leased to the food retailer giant.

The new purchases extend across Canada from New Brunswick to the Yukon, boosting Choice Properties’ portfolio to a total of 472 properties comprising 38.9 million square feet.

With potential for expansion and future revitalization, the new deal offers the commercial real estate company an opportunity to develop up to 280,000 square feet of gross leasable area within five years, as well as three sites with mixed use redevelopment.

As Choice Properties main tenant, Loblaw represents more than 95 per cent of base rent of this portfolio with initial lease terms of 15 or 20 years.