March 6, 2013 / 7:02 PM / in 5 years

Safeway exploring putting Canada property into a REIT: executive

LOS ANGELES (Reuters) - Supermarket operator Safeway Inc SWY.N is exploring putting its Canadian property assets into a real estate investment trust, an executive said at a meeting with analysts on Wednesday.

A sign hangs in the local Safeway grocery store in Arvada, Colorado October 14, 2010. REUTERS/Rick Wilking

Loblaw, Canada’s largest grocer, said in December it planned to put the vast majority of its property assets into a real estate investment trust and some investors are lobbying for Safeway to follow suit.

Safeway, with help from advisers, already has determined that its U.S. assets and its Property Development Centers subsidiary are not good candidates for REITs, the executive said at the company’s investor meeting.

Reporting By Lisa Baertlein in Los Angeles; Editing by Maureen Bavdek

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