Lowe’s picks up 13 Target leases plus DC

TORONTO — Lowe’s Canada has reached an agreement to acquire 13 former Target sites as well as Target’s distribution centre in Milton, Ont.  The deal, worth about $151 million, follows a real estate auction held after Target’s withdrawal from the country. Lowe’s president Sylvain Prud’homme said the new stores “will accelerate our expansion across the country, enhancing our presence in Western Canada and strengthening our base in Ontario.” The locations include markets where Lowe’s is currently under-represented. Under bankruptcy law, the agreement still needs court approval to go into effect: the process is expected to be completed by the end of June.