OTTAWA (dpa-AFX) - Canadian Tire Corporation (CTC.TO) Friday said it agreed to sell a 90-acre industrial property in the Greater Toronto Area for $258 million.
This follows a North American-wide competitive bid process initiated in the first quarter of 2024.
The property, located at the corner of Bramalea and Steeles in Brampton, Ontario, 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.
The transaction will result in a pre-tax gain of approximately $240 million on closing and will be treated as a normalizing item.
The transaction is expected to close in the fourth quarter of 2024.
Proceeds will be used to reduce borrowings associated with the Company's October 2023 repurchase and consolidation of the Canadian Tire Financial Services business.
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