Business

New owner purchases Victoria’s Hillside mall

Hillside Centre has a new owner.

Bentall Kennedy, an investment company with more than $3.5 billion in Canadian real estate holdings, announced the purchase of the newly renovated Hillside from the Canada Pension Plan Investment Board Dec. 19.

Paul Zemla, chief investment officer for Bentall Kennedy Canada, said the company also purchased two shopping centres in London and Hamilton, Ont. to strengthen its Prime Canadian Property Fund.

“The fund’s retail strategy includes a focus on top-quality regional shopping centres that offer an experiential draw capable of attracting repeat customer visits,” said Zemla, adding the purchase price won’t be made public.

“(The CPPIB) have managed these centres well and we look forward to ensuring that the centres continue to be great places to shop in the years to come,” he said.

More than 30 stores have opened or are planning to open in Hillside Centre in the coming year. Property management company Redcliff Realty will no longer be involved in Hillside, as Bentall Kennedy keeps those services in-house.

 

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