Scott’s delivers on its long-term diversification strategy, signs sale and leaseback agreement with Canada’s largest retail drug store chain

(Source: CNW Group)

Scott’s Real Estate Investment Trust (TSX: SRQ.UN) (“Scott’s REIT”) announced today that it has signed a purchase agreement with certain wholly owned subsidiaries of Shoppers Drug Mart Corporation (TSX:SC) to acquire 12 retail properties across Canada. The $30-million sale and leaseback transaction, subject to satisfactory completion of due diligence and other customary closing conditions, is scheduled to be completed by the end of the year.

“We are in a unique position to capitalize on the current real estate market,” said John I. Bitove, Chairman and CEO of Scott’s REIT. “We believe this $30-million acquisition will be a mutually beneficial relationship with Canada’s largest retail drug store chain and will provide Scott’s with further growth opportunities.”

Read the full press release, here.

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