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REIT buys Sooke retail centre

Victoria-based Partners Real Estate Investment Trust (Partners REIT) has bought the Evergreen Shopping Centre in Sooke for a reported $15.8 million.

Victoria-based Partners Real Estate Investment Trust (Partners REIT) has bought the Evergreen Shopping Centre in Sooke for a reported $15.8 million.

The 88,200-square-foot open-air shopping centre, the largest in Sooke, is anchored by a Western Foods grocery store and a Shoppers Drug Mart. The five-building property is 96.2 per cent leased and generates approximately $1.2 million in annual leases, according to Partners.

Partners REIT currently owns (directly or indirectly) 18 retail properties in British Columbia, Manitoba, Ontario and Quebec, with approximately 1.3 million square feet of leaseable space.

The assets of Partners REIT are managed by LAPP Global Asset Management Corp., an affiliate of Victoria-based League Assets, the firm backing recent high-profile developments at Colwood Corners near Victoria and the Plaza Hotel in downtown Victoria.

–- Compiled by Frank O'Brien


from Western Investor September 2011