Canadian Tire announced it has finalized an agreement to acquire 12 leases, formerly held by Target Canada, for $17.7M. The transaction is subject to the approval of the court in connection with Target Canada’s CCAA proceedings.
“We’re always on the lookout for great opportunities. 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.
The 12 new locations across Canada will add approximately 400,000 square feet of retail space to Canadian Tire Retail’s store network and includes two former Target locations on Vancouver Island.
The locations include:
- Hillside Centre in Victoria, BC
- Driftwood Mall in Courtenay, BC
- Tamarack Shopping Centre in Cranbrook, BC
- Village Green Mall in Vernon, BC
- Bayers Lake Power Centre in Halifax, NS
- Northwest Centre in Moncton, NB
- Place Alexis Nihon in Montreal, QC
- Place Versailles in Montreal, QC
- Les Carrefours Rimouski in Rimouski, QC
- Aurora Centre in Aurora, ON
- Sudbury Super Mall in Sudbury, ON
- Grant Park Shopping Centre in Winnipeg, MB
