Lowe’s is among approximately 40 stores that operate out of Tillicum Centre, which sold for $110 million to Crestpoint Real Estate Investments of Toronto and Anthem Properties Group. (Black Press file photo)

Saanich shopping centre sells for $110 million

Tillicum Centre now under the ownership of companies based in Toronto and Vancouver

A local shopping centre has changed hands.

Saanich’s Tillicum Centre is now the property of Crestpoint Real Estate Investments of Toronto and Anthem Properties Group of Vancouver, who partnered to purchase the shopping centre for $110 million from RioCan.

RELATED: Lowe’s high on Tillicum Centre

RELATED: Tillicum Centre’s Target one of 133 to close in Canada

RELATED: Lego Mania running wild at Tillicum centre this weekend

The centre is home to some 40 stores including Lowe’s, Save-On-Foods, London Drugs, Winners and Cineplex.

Randene Neil, a spokesperson for Anthem Properties, said Tillicum Centre is a long term acquisition. “Our current plan is to run it as it is and maybe renovate it depending on which tenants come and go,” she said. “The existing tenants will presumably continue to run their businesses in accordance with their lease commitments. There are no current plans for expansion.”

“This is an excellent acquisition for us,” said Kevin Leon, president of Crestpoint, in a statement. “Greater Victoria has emerged as one of the most desirable markets in Canada due to its growing population, diversified regional economy and strong fundamentals in the commercial real estate market. This situation is evident in the strong performance of the key tenants at Tillicum.”

Eric Carlson, Anthem’s chief executive officer echoed this point. “We have remained invested in the Greater Victoria market for decades and this addition reinforces our real estate strategy,” he said.

Anthem and Anthem United have invested in, developed or managed more than 240 residential, commercial and retail projects with a total value of $6 billion.

Crestpoint Real Estate Investments manages assets worth approximately $4 billion.


Like us on Facebook and follow us on Twitter

wolfgang.depner@saanichnews.com

Just Posted

Canadian Coast Guard breaks ground on permanent search and rescue station in Victoria

Victoria-based SAR will do all rescues in local harbour and parts of the Strait of Juan de Fuca

Police actions under investigation following Langford arrest

IIO investigates officer-related incidents that result in serious harm

Victoria woman, 76, challenges alcohol-screening laws after failing to give breath sample

Norma McLeod was unable to provide a sample because of her medical conditions

Victoria council looks to self-impose carbon tax on staff airfare

A new carbon pricing fee would put additional funds into the city’s Climate Action Reserve

Gas stations could push to 167.9 cents a litre this week

Analyst says high prices are due to supply and demand

WATCH: Cougar saunters through Metchosin yard

Spring cougar sighting caught on camera

Wanted by Crime Stoppers

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Do you think the Notre Dame Cathedral in Paris should be rebuilt?

Images of one of the word’s most iconic landmarks were seared into… Continue reading

‘B.C. cannot wait for action’: Top doctor urges province to decriminalize illicit drugs

Dr. Bonnie Henry says current approach in ‘war on drugs’ has criminalized and stigmatized drug users

New report on 2017 wildfires calls for better coordination with B.C. First Nations

Tsilhqot’in National Government documents 2017 disaster and lists 33 calls to action

B.C. youth coach banned amid sexual harassment, bullying scandal: Water Polo Canada

Justin Mitchell can’t take part in Water Polo Canada events or clubs

Wilson-Raybould: Feds want to just ‘manage the problem’ of Indigenous Peoples

Former federal justice minister speaks at First Nations Justice Council meeting in B.C.

Island Cup set for East Sooke on May 3-5

Off-road racing event expected to attract over 50 racers

Female real estate agents warned of suspicious man in Metro Vancouver

The man requests to see homes alone with the female agent, police say

Most Read