Canadian Tire Corp. Ltd. has signed a deal to promote an industrial property within the Larger Toronto Space for $258 million.
The corporate says the property in Brampton, Ont., consists of 1.5 million sq. ft of business actual property that’s not wanted on account of provide chain investments and consolidation in recent times.
The deal to promote the property comes after a aggressive bid course of launched within the first quarter of 2024.
Canadian Tire says the sale will lead to a pre-tax achieve of roughly $240 million on closing and shall be handled as a normalizing merchandise.
The deal is anticipated to shut within the fourth quarter of 2024, topic to customary closing circumstances.
The corporate says proceeds from the sale shall be used to scale back debt.
This report by The Canadian Press was first printed Nov. 15, 2024.
