The Tillicum Centre has new owners.
According to an announcement on Monday, Crestpoint Real Estate Investments of Toronto and Anthem Properties of Vancouver acquired the shopping centre in Saanich this week from RioCan. The two companies have worked together for more than two years.
“This is an excellent acquisition for us,” Kevin Leon, president of Crestpoint, said in a statement.
“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. This situation is evident in the strong performance of the key tenants at Tillicum.”
Tillicum Centre has more than 40 stores. Its anchor tenants are Lowe’s, Save-on-Foods, London Drugs and Winners. Cineplex is part of the shopping centre.
It was built in 1982 and renovated in 2016.
Eric Carlson, CEO of Anthem, said the acquisition adds to the company’s Greater Victoria portfolio, which also includes Market Square, Union and the Dominion Rocket.
“We have remained invested in the Greater Victoria market for decades and this addition reinforces our real estate strategy,” Carlson said in a statement.
With files from Andrew Duffy, The Canadian Press