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Canadian Tire Corporation to sell Brampton industrial property for $258 million
Canadian Tire Corporation to sell Brampton industrial property for $258 million Canada ...
About this update from Canadian Tire Corporation, Limited
[{"type":"text","content":"\n\n\n\n\n Canadian Tire Corporation to sell Brampton industrial property for $258 million\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n Nov. 15, 2024\n \n\n /CNW/ - Canadian Tire Corporation, Limited (TSX: CTC) (TSX: CTC.A) (CTC or the Company) today announced an agreement to sell a 90-acre industrial property in the\n \n Greater Toronto Area\n \n for total proceeds of\n \n $258 million\n \n . This follows a North American-wide competitive bid process initiated in the first quarter of 2024.\n \n\n The property, located at the corner of Bramalea and Steeles in\n \n Brampton, Ontario\n \n , includes 1.5-million square feet of industrial real estate which is no longer needed for CTC's distribution centre requirements as a result of strategic supply chain investments and consolidation in recent years.\n \n\n \"Fifty years ago, this site was a first-of-its-kind in\n \n Canada\n \n and a fundamental building block for our supply chain,\" said\n \n Greg Hicks\n \n , President and CEO, Canadian Tire Corporation. \"In that same spirit, we have been investing and evolving, introducing modern and sophisticated facilities in the region, which are key to our supply chain of the future.\"\n \n\n \"Our need for the site has decreased significantly in recent years. This transaction offers a clear example of our ability to surface shareholder value from surplus real estate assets.\"\n \n\n CTC's real estate portfolio remains a core asset and a source of potential value through the sale, entitlement or redevelopment of redundant properties. This transaction follows the sales of retail properties in\n \n Chilliwack, B.C.\n \n and the\n \n Greater Toronto Area\n \n , as disclosed with the Company's Q2 2024 and Q3 2024 results.\n \n\n The transaction will result in a pre-tax gain of approximately\n \n $240 million\n \n on closing and will be treated as a normalizing item. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions.\n \n\n Proceeds will be used to reduce borrowings ...