TORONTO – Leases for eleven properties that are winding down as Target Canada stores have been sold back to landlords for $138 million before taxes.
Documents filed with an Ontario court outline details of the sales to Oxford Properties Corp. and Ivanhoe Cambridge, which received court approval last week.
The price was kept under wraps by the court to ensure it didn’t influence the sales of other Target Canada properties that were under negotiation.
Some of the 11 leases include property at the Square One Shopping Centre in Mississauga, Ont., Place Laurier in Quebec, Oakridge Centre in Vancouver, and Kingsway Mall, Edmonton.
Target Corp., the parent company headquartered in Minneapolis, Mn., announced in January that it would shutter its 133 stores across the country after determining it would take years to turn a profit.
The decision set into motion court proceedings that have, so far, overseen the liquidation of its stores, and will also determine what happens to outstanding property leases and money owed to creditors.
Store leases will return to the landlords once the Target locations close.