Units of the REIT would then be sold in an initial public offering expected to be completed in mid-2013, subject to regulatory approvals. "However, it is our intention to retain a significant majority interest in the REIT - over 80 per cent," Loblaw chief financial officer Sarah Davis told a conference call with analysts. "While we expect to generate funds from the IPO, it is anticipated that the long-term source of capital and the structural advantage of the REIT are the real benefits," Davis added. Details on pricing and the number of units to be offered in the IPO were not disclosed. Those details typically are determined after a preliminary prospectus is issued and underwriters gauge investor interest.