Canadian Tire to buy 12 former Target locations

TORONTO – Canadian Tire Corp. says it has a deal to buy 12 real estate leases through the court-supervised windup of Target Canada.

Canadian Tire (TSX:CTC.A) says it will pay $17.7 million for the leases once the deal is approved.

The stores are in five provinces in a variety of small and large communities.

READ MORE: Target Canada unable to find takers for 55 store leases

Canadian Tire chief executive Michael Medline says the purchase will allow the company to accelerate its growth, improve its retail network and provide its customers with more convenient locations and larger stores.

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Store Locations:

Bayers Lake Power Centre in Halifax, N.S.

Northwest Centre in Moncton, N.B.

Place Alexis Nihon in Montreal, Que.

Place Versailles in Montreal, Que.

Les Carrefours Rimouski in Rimouski, Que.

Aurora Centre in Aurora, ON.

Sudbury Super Mall in Sudbury, ON.

Grant Park Shopping Centre in Winnipeg, MB.

Driftwood Mall in Courtenay, B.C.

Tamarack Shopping Centre in Cranbrook, B.C.

Village Green Mall in Vernon, B.C.

Hillside Centre in Victoria, B.C.