Canadian Tire

Canadian Tire sells 11 stores for $164M

by creitadmin on September 23, 2008

Canadian Tire Corp. has sold 11 stores to two Canadian real estate trusts for $164.6 million in deals announced Monday.

Canadian Real Estate Investment Trust, commonly known as CanReit, will buy eight properties for $137 million. Charter Real Estate Investment Trust will purchase three other stores for $27.3 million.

Canadian Tire will continue to run the stores but will now lease these facilities and pay rent to the two companies.

See the full story on CBC.com at:  http://www.cbc.ca/money/story/2008/09/08/canadiantire.html

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Charter REIT Announcement

by creitadmin on September 23, 2008

MarketWatch published Charter REITs acquirement of Canadian Tire Portfolio,  secures $10 M in credit facilities, and reduces distribution to $0.16 per unit to strengthen balance sheet and fuel future growth.  Charter REIT is an open-ended real estate investment trust established under the laws of the Province of Ontario.

Canadian Real Estate Investment Trust paid $137.3 million U.S. to buy eight retail properties in five provinces from Canadian Tire Corp. The properties are all leased to Canadian Tire for 15 years at current market rents, the Toronto-based REIT said. Each of the properties is either newly constructed or was renovated within the past three years, Canadian REIT said. Three of the stores are in Alberta, two in Quebec and the others are in British Columbia, Ontario and Nova Scotia, it said.

Read the full article at: http://www.marketwatch.com/news/story/charter-reit-tsx-v-crhun-acquires/story.aspx?guid=%7B4D1F938E-4539-4166-AC13-05A69116D41C%7D&dist=hppr

Also read related articles at GlobeSt.com and Canadian Press:

http://www.globest.com/news/1240_1240/canada/173637-1.html

http://canadianpress.google.com/article/ALeqM5iVnRevEcTluYpkpggsISppTzbwXA

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