Vancouver’s Anthem Properties Group Ltd. has partnered with Toronto-based Crestpoint Real Estate Investments Ltd. to purchase Tillicum Centre from RioCan for $110 million, the companies announced this week.
The shopping mall is located in Saanich, five km from downtown Victoria. It has more than 40 stores, including Lowe’s, Save-on-Foods, London Drugs and Winners. It also has a Cineplex theatre.
“Tillicum Centre is a tremendous asset that adds meaningfully to our diversified portfolio,” said Anthem CEO Eric Carlson. “We have remained invested in the Greater Victoria market for decades and this addition reinforces our real estate strategy.”
Crestpoint president Kevin Leon said Greater Victoria stands out as being one of the most desirable markets in the country because of its growing population, diversified economy and “strong fundamentals in the commercial real estate market.”
“This is an excellent acquisition for us,” Leon said. “This situation is evident in the strong performance of the key tenants at Tillicum.
Tillicum Centre is located at 3170 Tillicum Rd. in Victoria. It was built in 1982 and renovated in 2016.
Anthem manages a portfolio of more than 240 residential, commercial and retail properties valued at approximately $6 billion. Crestpoint’s portfolio is worth approximately $4 billion.
- With a file from Andrew Duffy, Times Colonist