Loblaw to reopen the Gardens

Article Excerpt

LOBLAW COS. $33.46 (Toronto symbol L; Shares outstanding: 276.6 million; Market cap: $9.3 billion; SI Rating: Above Average; Dividend yield 2.5%) bought Toronto’s old Maple Leaf Gardens hockey arena for $13 million in 2004. The company now aims to reopen the facility in 2011 under a new deal with nearby Ryerson University. Loblaw will build a new supermarket and a Joe Fresh clothing store on the ground floor. Ryerson will build a full-sized ice rink and other recreational facilities on the upper floors. This new downtown location should do well, at least initially. The novelty factor will attract plenty of interest, and there are few large supermarkets in the area. Loblaw is a buy. buy…