New owner for Sudbury power shopping centre: Canadian Tire investment trust acquires seven properties from RioCan.

A 148,000-square-foot power shopping centre in New Sudbury has a new owner.

CT (Canadian Tire) Real Estate Investment Trust is acquiring the Sudbury Place mall from RioCan Real Estate Investment Trust in a $200-million deal involving seven retail properties in Collingwood, Hamilton, Orillia, St. Catharines, Yorkton, Sask., and Oliver, B.C.

All the properties in the package of close to 1.3 million square feet of leasable space include a Canadian Tire store.

The Sudbury property, located near the corner of Barry Downe Road and Lasalle Boulevard, also includes a Real Canadian Superstore.

The transaction was expected to close in December or the first quarter of 2018 at the latest.

The annualized income from this package of properties for the first nine months of this year is approximately $12 million.

"We are delighted to be purchasing these well-located properties, each of which is tenanted by Canadian Tire, and in some cases, other members of the Canadian Tire Family of Companies," said CT REIT president Ken Silver in a Nov. 28 news release.

"With the insight we have into retail store performance as well as the attractive fundamentals of the markets in which these properties are located, we are extremely pleased with these additions to our growing portfolio."

The RioCan sale is the first transaction in its announced plan in October to begin a nationwide sell-off of 100 malls and power centres in secondary markets over the next two years.

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