Canadian Tire’s real estate trust buying Sears Canada distribution centre in Calgary

TORONTO – Sears Canada has decided to sell and lease back a distribution centre in Calgary to Canadian Tire’s real estate trust.

CT Real Estate Investment Trust says it’ll spend about $84 million including transaction costs for the location.

The Sears rentals are near to two Canadian Tire distribution centres, including one acquired through the rely upon 2014.

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The properties are in an area of Calgary with direct access to Canadian Pacific’s intermodal rail terminal.

Canadian Tire is CT Investment Trust’s main tenant and retains a controlling ownership stake.

Sears Canada has been working to reduce costs and find new ways of having its assets considering a years-long decline in sales.

In November, Sears announced it had sold a distribution centre north of Toronto for $100 million, but said it planned to carry on operating in the building.