OTTAWA (dpa-AFX) – Canadian Tire Corporation (CTC.TO) announced Friday that it has agreed to sell a 90-acre industrial property in the Greater Toronto Area for $258 million.

This follows a North American-wide competitive tender process launched in the first quarter of 2024.

The property, located at the corner of Bramalea and Steeles in Brampton, Ontario, includes 1.5 million square feet of industrial real estate that is no longer needed for CTC’s distribution center needs due to strategic investments in supply chain and consolidation in recent years.

The transaction will result in a pre-tax gain of approximately $240 million at closing and will be treated as a normalization item.

The transaction is expected to be completed in the fourth quarter of 2024.

The proceeds will be used to reduce borrowings associated with the Company’s October 2023 purchase and consolidation of Canadian Tire Financial Services operations.

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