Two real estate investment management groups have partnered to acquire a Victoria, B.C. shopping centre for $110 million.
Crestpoint Real Estate Investments Ltd. and Anthem Properties Group Ltd. purchased Tillicum Centre, a retail mall of over 50 stores and services located at 3170 Tillicum Rd., from RioCan. The property is home to a Lowe’s Home Improvement, Save-on-Foods, London Drugs, Winners and a Cineplex cinema.
"This is an excellent acquisition for us," says Kevin Leon, president of Crestpoint. "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.”
The shopping centre’s strong anchor tenants make Tillicum Centre an in-demand retail location for the Capital Regional District.
Tillicum Centre was built in 1982 and was recently renovated in 2016.
Vancouver-based Anthem Properties and Toronto-based Crestpoint each manage approximately $6 billion and $4 billion in real estate assets, respectively.