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.
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.