DePalo Foods Strombolis
Beano's - First in Deli. Always Delicious.
Simple done right
Carr Valley Cheese - Taste the story of the most awarded cheese maker in the world
New! Mild Blue Cheese - Born in caves. Today, our cheese are aged in a state-of-the-art facillity in Wisconsin.
Veroni - Authentic Italian charcuterie - 100 Percent Humanly Raised - SFFS Booth number 2719
Empire and Sobeys to Sell 68 Safeway Stores to Help Finance Safeway Canada Acquisition for 960 Million USD

Empire and Sobeys to Sell 68 Safeway Stores to Help Finance Safeway Canada Acquisition for 960 Million USD


Stellarton, NS-Empire Company and Sobeys have recently revealed that Sobeys has reached a definitive agreement to sell 68 Safeway properties in Western Canada to Crombie Real Estate Investment Trust. The sale-leaseback is valued at $960 million USD or $990 million CAD. Crombie REIT is a real estate investment trust. The transaction will help finance Empire and Sobeys' acquisition of Safeway Canada.
Safeway revealed last month that it had entered into an agreement to sell its Canadian operations through a sale of the net assets of Canada Safeway Limited to Sobeys Inc. for $ 5.68 Billion USD in cash or $5.8 Billion CAD.
"We are please to announce this Sale Leaseback transaction between Sobeys ad Crombie REIT. The sale proceeds will be used by Sobeys to assist in the funding of the Canada Safeway acquisition which provides Sobeys with a much stronger presence in Western Canada and allows them to benefit from increased economies of scale," stated Paul D. Sobey, President and CEO of Empire. "The Sale Leaseback transaction provides Crombie REIT with an attractive portfolio of assets. Empire is pleased to announce that it will purchase $150 Million of Crombie Class B Limited Partnership units."

Check back with Delimarket.TV as we keep this transaction on our radar.

Empire, Sobeys and Canada Safeway

Topics: