Forget to Buy Presents? Just Buy the Whole Mall
No lump of coal in Bentall Kennedy Canadaâ€™s Christmas stocking this year, with the companyâ€™s major shopping centre acquisition. (On a side note, nobody should give coal for Christmas, there's an energy crisis.)
The Prime Canadian Property Fund of Bentall Kennedy Canada has purchased a 100% freehold interest in three enclosed regional shopping centres—including Eastgate Square, a 505k SF mall in Hamilton. Financial terms weren't disclosed. The seller is the Canada Pension Plan Investment Board. Bentall Kennedy chief investment officer Paul Zemla says the fund's retail strategy is to focus on quality shopping centres that offer an "experiential draw" that attracts repeat visits. (It's like hockey fantasy camp without the embarrassing ankle injuries.) The portfolio (which also includes White Oaks Mall, a 689k SF mall in London, and Hillside Centre, a 591k SF centre in Victoria) is anchored by some of Canada's more influential retailers—Hudson's Bay, Walmart, Target and Loblaw.