Canadian Tire Corp. (CTC-A.TO), Canada's largest sporting goods retailer, plans to raise about $251 million ($US) in an initial public offering of its newly formed REIT. The company created CT REIT to spin off about 72% of its real estate portfolio or 255 Canadian Tire stores and a distribution center, totaling 19 million square feet.
Another Canadian company, Hudson Bay, Canada's oldest department store chain, is also considering a REIT after it closes its $2.4 billion takeover of New York-based Saks Inc. (NYSE:SKS). Canadian Tire will be CT REIT's most significant tenant "for the foreseeable future" with the company's stores and distribution center representing about 96% of the REIT's minimum rent in 2014.
Struggling US retailer
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