Montreal-based real estate company Westcliff announced Monday the acquisition of Kingsway Mall, a dominant regional enclosed shopping centre located in Edmonton, Alberta.
The acquisition marks Westcliff’s return to Western Canada through a prominent retail destination serving one of Alberta’s most important urban markets, said the company in a news release.
“Kingsway Mall represents the kind of asset that has always been central to Westcliff’s approach. A well-established property, deeply rooted in its region, with the ability to serve its community for generations to come,” said Alan Marcovitz, President of Westcliff. “Our return to Western Canada reflects our confidence in the Edmonton market and in the enduring value of retail destinations that bring people together.”
The acquisition adds a well-located, high-traffic asset to Westcliff’s growing national portfolio in a trade area the company believes is positioned for sustained growth, it said.
Kingsway was co-owned by Oxford Properties and managed by Oxford Properties Group, a global leader in premium real estate. Oxford is owned by OMERS, the defined benefit pension plan for Ontario’s municipal employees
No financial details of the transaction were disclosed.
“We see an opportunity to build on that foundation and support its continued role as a destination for shoppers across greater Edmonton,” said Nicolas D’Aoust, Vice President of Westcliff and Head of Leasing. “Driven by a young and educated population, Edmonton’s dynamism reinforces its appeal as a strategic market with promising long-term economic prospects.”
Westcliff said it will work closely with Kingsway Mall’s existing management and operations teams to support a smooth transition and maintain continuity for tenants, shoppers and the broader community.
“Kingsway Mall has long served as a gathering place woven into the daily life of the surrounding neighbourhoods. Preserving and strengthening that role for the community will be a primary goal for us,” said Adam Marcovitz, Vice President of Westcliff.
Centrally located just north of downtown Edmonton, Kingsway Mall has been around since 1976. On a 41.8-acre site, the 880,049-square-foot shopping centre features more than 160 stores and services, including Walmart Supercentre, HomeSense, Marshalls, Shoppers Drug Mart, Aritzia, Sephora, Lululemon and Browns Shoes, and attracts close to seven million visitors annually. With annual retail sales of $715 per square foot, Kingsway Mall is a leading Edmonton shopping destination with strong market fundamentals, deep local relevance that maintains strong ties to the community through initiatives that support local causes and organizations, added Westcliff.
Founded in 1972, Westcliff is a privately owned, diversified real estate development and management firm with holdings across shopping centres, office, industrial, residential and hospitality assets in Canada and the United States.
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