Sobeys raises $400M in sale-leaseback

Sobeys said Friday it would raise more than $400 million (Canadian) in a sale/leaseback deal with Crombie Real Estate Investment Trust.

Under the agreement Sobeys said it would sell 19 retail properties, its interest in three distribution centers and two development parcels to Crombie for $360 million (Canadian), while Crombie would invest $58 million in renovations and expansions for Sobeys properties it already owns.

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