TORONTO, April 4, 2016 /CNW/ - Metrus announced today the completion of a $100 million dollar agreement to purchase and leaseback Sears Canada's 960,000 square foot National Distribution Centre located at 9501 Highway 50 in Vaughan, Ontario.
"Sears Canada is taking a proactive approach to its real estate strategy," executive chairman Brandon Stranzl said in a statement.
"We are excited to work with such an influential Canadian retail icon," said Metrus president, Robert De Gasperis. "We look forward to working with Sears Canada collaboratively in helping them meet their real estate goals."
This deal is the largest yet in Sears Canada's sale of non-core real estate, as the company looks to improve their balance sheet and re-establish Sears Canada as a major retailer in the changing marketplace.
Founded over 45 years ago, Metrus is one of the Greater Toronto Area's leading companies in development and property management, with a wide spanning portfolio of office, commercial and retail buildings encompassing more than 15 million square feet of space.
Image with caption: "Metrus (CNW Group/Metrus)". Image available at: http://photos.newswire.ca/images/download/20160404_C6326_PHOTO_EN_656878.jpg
For further information: Joanne Pannozzo, Executive Assistant to Robert De Gasperis, 905-669-9714, JPannozzo@MetrusProperties.com