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The Canadian PressPublished Monday, May 11, 2015 9:37AM EDTLast Updated Monday, May 11, 2015 3:31PM EDT
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The Lowe's home advance alternation has become the latest big-box banker to aggrandize its attendance in Canada by affairs up leases of above Target abundance locations beyond the country.
Lowe's is architecture its attendance in Ontario and six Western Canadian cities afterwards extensive a accord to buy 13 Target Canada leases and a administration centre west of Toronto for about $151 million, according to a cloister filing on Target's windup.
Almost bisected of the locations are in Ontario -- Thunder Bay, Milton, North York, Ottawa, Toronto and Burlington, the filing says.
The alternation is additionally abacus four food in Victoria, Nanaimo, Prince George and Abbotsford, B.C., forth with two locations in Calgary and abundance in Regina.
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Lowe's Canada says about 2,000 jobs will be created at the food and the administration centre in Milton. However, it beneath to accommodate details.
"These added locations will advance our amplification beyond the country, acceptable our attendance in Western Canada and deepening our abject in Ontario," Lowe's Canada admiral Sylvain Prud'homme said.
RioCan Real Estate Investment Trust (TSX:REI.UN) is buyer of eight properties, while the blow are advance amid four altered owners.
The cloister filing says Target Canada will accept $26.5 million, which its banking adviser said is acceptable added than it would accept accustomed had the locations been awash alone at auction.
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"In the circumstances, an en affiliation transaction is accepted to aerate the aggregate amount of these assets," said the cloister document.
Under acceding of the agreement, Lowe's has to argue added retailers to abandon their rights to prohibit or bind Lowe's operations at the assorted locations. Otherwise, such locations will be removed from the accord and the all-embracing amount lowered.
Lowe's originally submitted a bid aftermost ages for 17 locations, but the account was whittled bottomward afterwards Target's banking adviser bent it could allure college gain by eliminating four anonymous stores.
The acceding is accountable to Ontario cloister approval and is accepted to abutting by June 30.
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Lowe's is the latest above banker to access pieces of Target's above 133-store Canadian retail arrangement through a court-supervised auction, afterward Canadian Tire (TSX:CTC.A) and Walmart Canada.
Canadian Tire has appear it will access 12 leases for $17.7 million. Wal-Mart will absorb $165 actor to access 13 food and a administration centre, while spending an added $185 actor on renovations.
The deals leave 95 Target locations bearding appropriately far. Potential bidders accommodate Loblaw (TSX:L), Metro (TSX:MRU), Rona (TSX:RON) and Home Depot, according to analyst Irene Nattel of RBC Capital Markets.
Minneapolis-based Target Corp. appear in January that it would cull out of Canada, almost two years afterwards entering the bazaar to abundant fanfare, adage it didn't apprehend the operation could be assisting for several years.
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Since accession in Canada in backward 2007, Lowe's has opened 38 food in Ontario, Alberta, Saskatchewan and British Columbia, with added than 6,000 employees.
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