CT REIT has completed a 352,000-square-foot distribution centre in Calgary for Canadian Tire.

The net-zero development was finished in the fourth quarter of 2023, Toronto-based CT said in its quarterly report.

The distribution centre was among $96 million of projects that CT completed during the quarter. Most projects involved Canadian Tire store expansions in B.C., Nova Scotia and Ontario. Canadian Tire is the REIT’s primary tenant across Canada.

CT said it made one new investment valued at $9.1 million in the fourth quarter. The investment involves the redevelopment of an enclosed mall in the secondary market of Winkler, Man.

CT invested $151 million and expanded its portfolio by 839,000 sf over the full year. The REIT also extended 28 Canadian Tire store leases and issued $250 million in unsecured debentrues, said Kevin Salsberg, CT’s president and CEO.

At year-end 2023, CT had 571,000 sf of gross leasable area under development with 98.8% preleased. When completed, the developments will represent an investment of $258 million.

Pictured: Canadian Tire Store in Edmonton

Photo: CNW Group/Canadian Tire