Shopping centre sold in multi-million dollar real estate deal
On Behalf of Porter Ramsay LLP | Feb, 12, 2019 | Real Estate Law
The Tillicum Centre has changed hands for a cool $110 million. The shopping complex — in Saanich, British Columbia — is now the latest holding for Crestpoint Real Estate Investments and Anthem Properties. The real estate deal was inked at the beginning of February and further diversifies each company’s investment portfolio.
The complex, which was built in 1982 and underwent renovations in 2016, is home to more than 40 stores and large anchor tenants. The acquisition is a positive for the portfolios of both companies, CEOs say. Crestpoint and Anthem have been partnering now for two years and share a diversified portfolio of 11 shopping complexes in British Columbia and Alberta with a combined value of more than $362 million.
Having a footprint in the Great Victoria area is a plus for the companies. The location has blossomed into one of the most desirable investment regions in the country with its continued growing population. Crestpoint and Anthem acquired Tillicum from RioCan.
These types of real estate deals can be exciting, yet complex with many issues coming into play and much money at stake. Making a wise investment with so much on the line is crucial. A British Columbia real estate lawyer can provide prudent legal advice in these kinds of instances. Having a lawyer’s input early in any potential deals may thwart any future litigation as well as identify any possible problems. Resources and time can be wasted if potential problems in these types of transactions aren’t nipped in the bud right off, so having a lawyer on side is essential.