10:48 AM EST, 11/15/2024 (MT Newswires) -- Canadian Tire ( CDNTF ) (CTC.TO, CTC-A.TO) on Friday said it has sold a 90-acre industrial property in the Greater Toronto Area for total proceeds of $258 million. This follows a North American-wide competitive bid process initiated in the first quarter of this year.

The property includes 1.5-million square feet of industrial real estate which is no longer needed for CTC's distribution centre requirements.

The transaction will result in a pre-tax gain of $240 million on closing and will be treated as a normalizing item. The transaction is expected to close in the fourth quarter of this year.

Proceeds will be used to reduce borrowings associated with the Oct. 2023 repurchase and consolidation of the Canadian Tire Financial Services business.

Canadian Tire ( CDNTF ) was last seen up $0.23, to $151.79, on the Toronto Stock Exchange.

Price: 152.11, Change: +0.55, Percent Change: +0.36