Canadian Tire sells industrial property in Brampton, Ont., for $258 million – BNN Bloomberg

On By Littum

Chhad Aul, chief investment officer and head of multi-asset solutions at SLGI Asset Management Inc., joins BNN Bloomberg to discuss central banks’ path toward

Canadian Tire Corp. Ltd. has signed an agreement to sell an industrial property in the Greater Toronto Area for $258 million.

The company says the Brampton, Ont., property includes 1.5 million square feet of industrial property no longer needed as a result of supply chain investments and consolidation in recent years.

The deal to sell the property follows a competitive bidding process launched in the first quarter of 2024.

Canadian Tire says the sale will result in a pre-tax gain of approximately $240 million upon closing and will be treated as a normalizing item.

The deal is expected to close in the fourth quarter of 2024, subject to customary closing conditions.

The company says the proceeds from the sale will be used to reduce debt.

This report from The Canadian Press was first published on November 15, 2024.