Anthem Properties, Crestpoint Launch Shopping Centre JV
Anthem Properties and Crestpoint Real Estate Investments have formed a JV to co-own 11 shopping centres in BC and Alberta, properties acquired by Anthem last month from former partner Kimco Realty Corp (which sold its interests in a 17-property Canadian portfolio). The Anthem / Crestpoint deal, which includes Chilliwack’s Salish Plaza, above, was done in two tranches that closed earlier this month (gross value $362M). Anthem CEO Eric Carlson says the JV will “generate new opportunities" in the Canadian market for his Vancouver-based firm.
Crespoint president Kevin Leon notes the partnership will enable his company—part of the Connor, Clark & Lunn Financial Group—to add a “quality collection” of primarily food-anchored retail properties to its portfolio. Other shopping centres included in the partnership are Fraser Crossing in Langley, BC; Sunridge Power Centre in Calgary; and North Town Centre in Edmonton (above). Kimco also is in the midst of unwinding a JV with RioCan REIT as it focuses on building a portfolio of open-air malls in the US.