Canadian Tire closes sale and leaseback of Carling Avenue property

Jul 31, 2008 (Datamonitor via COMTEX) -- RIOCF | Quote | Chart | News | PowerRating -- Canadian Tire Corporation, an operator of general merchandise and apparel retail stores and gas stations in an inter-related network of businesses engaged in retail, financial services and petroleum, has announced the sale and leaseback of its Carling Avenue property in Ottawa to RioCan Real Estate Investment Trust for proceeds of $40 million.

The company said that the property was sold for the equivalent of development costs and yielded no significant gain.

This two-story Ottawa site features a unique, customized urban format Canadian Tire store as well as ancillary ground-level retail, according to the company.

Tom Gauld, president and CEO of Canadian Tire, said: "The Carling transaction makes it economically feasible for us to open a store in a highly attractive urban location enabling us to better serve our customers living in this high density area and demonstrates our ability to create financial flexibility through our real estate portfolio."

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