Canadian Tire Corp. Ltd. CTC-T has signed a deal to sell an industrial property in the Greater Toronto Area for $258-million.
The company says the property in Brampton, Ont., includes 1.5 million square feet of industrial real estate that is no longer needed as a result of supply chain investments and consolidation in recent years.
The deal to sell the property comes after a competitive bid process launched in the first quarter of 2024.
Canadian Tire says the sale will result in a pre-tax gain of approximately $240-million on 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 proceeds from the sale will be used to reduce debt.