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A Canadian Tire store is shown in Levis, Que., Monday, May 9, 2011
A Canadian Tire store is shown in Levis, Que., Monday, May 9, 2011
(Jacques Boissinot/THE CANADIAN PRESS)

Just what we need: another REIT

Following in Loblaw Companies Ltd.’s footsteps, Canadian Tire Corp. announced Thursday that it will start spinning off its properties into a newly created real estate investment trust that could be worth $3.5-billion.

The decision not only adds another retail REIT to the Canadian landscape, but also extends the fast growing list of REITs of all stripes who have already gone public in the past year, or are planning to come to market in the near future.