Twenty-five years after the first REITs emerged as a solution to the collapse of Canada’s real estate market, the country’s REIT industry continues to evolve as new investment opportunities emerge. Two recent deals highlight that evolution. A union completed in May created Canada's largest diversified REIT with an enterprise value of about C$16 billion ($12.5 billion). Choice Properties Real Estate Investment Trust (TSX:CHP.UN), the real estate arm of the country’s top retailer, Loblaw Companies, Ltd., purchased Canadian Real Estate Investment Trust (TSX:REF.UN).