Sobeys to Sell 61 Properties to Affiliated REIT

Empire Cos., the parent of the Sobeys chain, said Monday that it had reached an agreement to sell 61 properties to Crombie REIT, a real estate investment trust 48.1% owned by Empire.

STELLARTON, Nova Scotia — Empire Cos., the parent of the Sobeys chain here, said Monday that it had reached an agreement to sell 61 properties to Crombie REIT, a real estate investment trust 48.1% owned by Empire. The $428.5 million deal is expected to generate net proceeds of $280 million to be used to repay Empire and Sobeys debt, Empire said. The properties being sold include 40 freestanding grocery stores and 21 shopping centers totaling 3.3 million square feet. Sobeys has agreed to enter

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