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Canadian Tire’s real estate trust buying Sears distribution centre in Calgary
TORONTO – Sears Canada has agreed to sell and lease back a distribution centre in Calgary to Canadian Tire’s real estate trust.
CT Real Estate Investment Trust (TSX:CRT.UN) says it will spend about $84 million including transaction costs for the location.
The Sears property is close to two Canadian Tire distribution centres, including one acquired by the trust in 2014.
The properties are in an area of Calgary with direct access to Canadian Pacific’s intermodal rail terminal.
Canadian Tire is CT Real Estate Investment Trust’s main tenant and retains a controlling ownership stake.
Sears Canada has been working to reduce costs and find new ways of using its assets in light of a years-long decline in sales.
In November, Sears announced it had sold a distribution centre north of Toronto for $100 million, but said it planned to continue operating in the building.
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