Canadian Tire Corporation, a retail company operating in the automotive, hardware, sports, leisure and housewares sectors, announced the sale of its 90-acre industrial property in Brampton, Ontario to Prologis Inc., a US-based real estate investment trust, for $258 million. The property includes a 1.5 million square feet of industrial real estate.

Canadian Tire was represented by in-house counsel Mia Cooper (real estate) and Maha Ansari (real estate).

Goodmans LLP also represented Canadian Tire with a team led by Ira Barkin (real estate), and included  Samantha Sarkozi (real estate), Joanna Rosengarten (environmental), David Rosner (competition) and Jonathan Wall (competition).

Prologis was represented by in-house counsel Jason Murphy with Blake, Cassels & Graydon as external counsel. The Blakes team was led by Patrick Gordon (real estate) and included Lana Finney (environmental) and Julia Potter (competition).

The transaction will result in a pre-tax gain of approximately C$240 million on closing and the proceeds will be used to reduce borrowings associated with Canadian Tire's October 2023 repurchase and consolidation of the Canadian Tire Financial Services business.