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Loblaw Maple Leafs supermarket in downtown Toronto May 06, 2013. The grocery giant said Wednesday it is testing a new discount store in Calgary called The Box by No Frills.
Loblaw Maple Leafs supermarket in downtown Toronto May 06, 2013. The grocery giant said Wednesday it is testing a new discount store in Calgary called The Box by No Frills.
(Fernando Morales/The Globe and Mail)

Loblaw pulls off REIT IPO in rough market

A choppy stock market couldn’t stop investors from ponying up cash to invest in Loblaw Cos.’ new real estate investment trust.

Choice Properties REIT, which contains properties spun out of Loblaw, priced its IPO Tuesday at a 6.5 per cent yield, the high end of its marketing range. The total deal size could come in close to $500-million should the underwriters exercise the overallotment option.