Toronto — Lowe’s Canada has reached agreement to acquire the leases of 13 former Target Canada locations and to purchase Target’s Milton, Ontario, distribution center for approximately C$151 million. This acquisition came as part of a real estate auction following Target’s decision to cease operations in Canada.
Lowe’s Canada opened its first stores in Canada in 2007.
“These additional locations will accelerate our expansion across the country, enhancing our presence in Western Canada and strengthening our base in Ontario,” says Sylvain Prud’homme, president of Lowe’s Canada.
The store sites are located across Canada, many in markets where Lowe’s is underpenetrated. The distribution center in Milton, Ontario, is strategically located to serve Lowe’s current and future stores.
The proposed acquisitions are subject to court approval; the court run process is expected to be completed by June 30, 2015.
Lowe’s Companies, Inc. has 1,840 home improvement and hardware stores. In Canada, Lowe’s opened its first stores in December 2007 and now operates 38 stores in Ontario, Alberta, Saskatchewan and British Columbia. For more information, visit Lowes.ca.
SOURCE: Lowe’s Companies, Inc.