CT REIT Inks Sale-Leaseback Deal For Sears Distribution Centre
CT Real Estate Investment Trust has reached a deal with Sears Canada for the sale and leaseback of a Sears distribution centre at 25 Dufferin Place SE in Calgary. The transaction is expected to close this month. The property is adjacent to a 201k SF distribution centre acquired by CT REIT in 2014 and is leased to Canadian Tire Corp (the REIT’s principal tenant). It's also next to CTC’s other Calgary DC (owned by H&R REIT). The Sears DC, with direct access to a Canadian Pacific intermodal facility and close to major highways, provides CT REIT with a “strategic position in a key distribution hub in Western Canada,” noted CEO Ken Silver.