Canadian Tire Corporation, Limited has concluded an agreement to acquire 12 strategic real estate leases, formerly held by Target Canada, for $17.7 million. The transaction is subject to the approval of the court in connection with Target Canada’s CCAA proceedings.
“We’re always on the lookout for great opportunities. We’ve been tracking certain Target properties for some time and when the opportunity came up, we moved quickly and secured virtually all of them. We chose 12 properties that fit strategically and financially into our store network,” said Michael Medline, president and CEO, Canadian Tire Corporation. The 12 new locations will add approximately 400,000 square feet of retail space to Canadian Tire Retail’s store network.
“We view this real estate acquisition as a high–return investment and a positive transaction for our shareholders, our customers and our Dealers. Our customers are going to benefit from more convenient locations and larger stores that will allow us to showcase more products and deeper assortments of our best brands,” concluded Medline.
The newly acquired store locations span the country:
Bayers Lake Power Centre
Place Alexis Nihon
Les Carrefours Rimouski
Sudbury Super Mall
Grant Park Shopping Centre
Tamarack Shopping Centre
Village Green Mall