Sears Canada Sells Vaughan Distribution Centre for $100M
Sears Canada has reached a deal with Tamworth Properties for the sale-leaseback of its Vaughan distribution centre for $100M, and the retailer is selling another distribution centre (location not disclosed) for $8.5M. This follows Sears’ September unloading of another distribution centre for $18.1M, and the sale-leaseback of a non-mall property for $10M. Executive chair Brandon Stranzl said his firm is being “opportunistic" in building surplus capital for its retail business by monetizing its “substantial” non-core assets. Earlier this year Sears sold properties in BC and Calgary to Concord Pacific Real Estate Developments.