Landlords act quickly on Target leases
Landlords have been quick to regain control of retail space they have leased to Target Canada. Oxford Properties and Ivanhoe Cambridge are reported to have joined forces to offer a deal to the failed retailer and are said to be paying a premium to take back control of their retail space. Although typically a bankrupt company’s assets would be sold for less than market rates the deal from the landlords reflects their keenness to quickly re-lease the properties to new tenants. Industry experts say that some of Target’s not-so-desirable locations may struggle to find buyers for leases.