Canadian Tire plans C$3.5 bln REIT, posts higher profit

Thu May 9, 2013 7:48am EDT
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May 9 (Reuters) - Canadian Tire Corp, best-known for its namesake automotive and homeware stores, said it would create a C$3.5 billion ($3.49 billion) real estate investment trust through an initial public offering later this year.

The company also reported a 3 percent rise in net income to C$73 million, or 90 Canadian cents per share, for the first quarter.