Anthem Properties and Crestpoint Real Estate Investments have purchased the Tillicum Centre in Victoria for $110 million.
RioCan Real Estate Investment Trust (REI-UN-T) had owned the shopping mall that is home to more than 40 stores, including Lowe’s, Save-On-Foods, London Drugs, Winners and a Cineplex cinema. Tillicum Centre is located about five kilometres north of downtown Victoria at 3170 Tillicum Road.
“This is an excellent acquisition for us,” said Kevin Leon, president of Crestpoint, in a release Monday afternoon. The Toronto-based commercial real estate investment manager holds about $4 billion of gross assets under management.
“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.”