CT REIT has reached a deal with Canadian Tire Corp (CTC) for the sale and leaseback of a 1.4M SF distribution centre that's nearing completion in Bolton (the project is seen under construction above). The addition of the DC to the trust's portfolio “underscores the competitive advantage that the REIT's relationship with CTC provides,” noted CT REIT CEO Ken Silver. The deal, with a 20-year lease term, is expected to close in June. The Bolton DC replaces a facility CTC currently operates on 90 acres at Steeles Avenue East and Bramalea Road in Brampton. CT REIT said it has initiated, on behalf of CTC, the municipal approval process for the property's redevelopment.
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