Canadian Tire sells 11 stores for $164 million
Canadian Tire Corp. has sold 11 stores to two Canadian real estate trusts for $164.6 million. Canadian Real Estate Investment Trust, commonly known as CanReit, will buy eight properties for $137 million. Charter Real Estate Investment Trust will purchase three other stores for $27.3 million. Canadian Tire will continue to run the stores but will now lease these facilities and pay rent to the two companies.The properties are spread across Canada. CanReit, for example, is getting three stores in Alberta, two in Quebec and one each in British Columbia, Nova Scotia and Ontario. Canadian Tire will remain as the stores’ operators for at least the next 15 years, reducing the chances that either trust will need to find a new tenant for these properties.