Canadian Tire to buy 12 former Target Canada locations

A Canadian Tire store is seen in North Vancouver on May 10, 2012. (Jonathan Hayward / THE CANADIAN PRESS)

TORONTO -- Canadian Tire Corp. says it has a deal to buy 12 real estate leases through the court-supervised windup of Target Canada.

Canadian Tire (TSX:CTC.A) says it will pay $17.7 million for the leases once the deal is approved.

The stores are in five provinces in a variety of small and large communities.

Four of the locations are in British Columbia in Courtenay, Cranbrook, Vernon and Victoria.

Three are in Quebec, with two in Montreal and one in Rimouski.

Two are in Ontario (Aurora and Sudbury) while the other three are in Halifax, Moncton, N.B., and Winnipeg.

Canadian Tire chief executive Michael Medline says the purchase will allow the company to accelerate its growth, improve its retail network and provide its customers with more convenient locations and larger stores.