Tillicum Centre sold in $110-million deal

Tillicum Centre has changed hands.

The Saanich shopping centre was acquired from RioCan this week by Crestpoint Real Estate Investments of Toronto and Anthem Properties of Vancouver in a deal worth $110 million.

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“This is an excellent acquisition for us. 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,” said Crestpoint president Kevin Leon.

Tillicum, has more than 40 stores and anchor tenants Lowe’s, Save-On-Foods, London Drugs and Winners. It was built in 1982 and renovated 2016.

Eric Carlson, chief executive at Anthem, said the acquisition adds to his company’s Greater Victoria portfolio — Market Square, Union and the Dominion Rocket — and reinforces the strategy in the region.

“Tillicum Centre is a tremendous asset that adds meaningfully to our diversified portfolio,” he said.

The two companies that now own Tillicum have worked together for more than two years.

In 2016 they came together to co-own a portfolio of 11 shopping centres in B.C. and Alberta with a gross value of more than $362 million.

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