Canadian Tire acquires 12 Target leases

Toronto -- Canadian Tire Corp. has concluded an agreement to acquire 12 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'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.



This acquisition allows Canadian Tire to improve profitability by providing a cost-effective means to improve its retail store network through right-sizing and replacing some of its existing stores to better locations. The 12 new locations, which span the country, will add approximately 400,000 sq. ft. 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," added Medline.