Westcliff’s acquisition of Kingsway Mall in Edmonton gives the Montreal-based real estate company a major foothold in Alberta as it continues to expand its portfolio of established Canadian shopping centres. The transaction marks a return to Western Canada for Westcliff, which says it remains interested in further acquisitions when the right opportunities emerge.
The acquisition adds one of Edmonton’s largest shopping centres to Westcliff’s holdings. Kingsway spans 880,049 square feet on 41.8 acres, with more than 160 stores and services. The property attracts close to seven million visitors annually and reports retail sales of approximately $715 per square foot.
“Kingsway Mall brings together several qualities Westcliff looks for in a retail asset: scale, visibility, strong traffic, a meaningful role in the community and long-term relevance in its market,” said Adam Marcovitz, Vice President at Westcliff. He said Kingsway’s location, accessibility, tenant mix and established customer base provide a strong foundation for the company as it re-enters the Western Canadian market.
A Major Edmonton Retail Asset
Kingsway’s tenant roster includes Walmart Supercentre, HomeSense, Marshalls, Shoppers Drug Mart, Aritzia, Sephora, lululemon and Browns Shoes, alongside a broad mix of fashion, food, services and specialty retailers. The shopping centre had been owned and managed by Oxford Properties since 2000. Oxford is the real estate arm of OMERS, the pension plan for Ontario municipal employees. Financial terms of the sale to Westcliff were not disclosed.
Acquiring Kingsway gives Westcliff an immediate presence in a major Western Canadian market through a property with significant existing traffic and retail sales. Marcovitz said Edmonton’s scale and long-term prospects were important considerations.
“Edmonton is a major Canadian urban market with strong long-term potential,” he said. “Kingsway Mall is located in a dynamic trade area shaped by established neighbourhoods, institutional anchors and ongoing urban evolution, which makes it an attractive environment for long-term retail investment.”
Kingsway sits just north of Edmonton’s downtown core near Royal Alexandra Hospital and the Kingsway/Royal Alex LRT station, providing access to major employment, health-care and transit infrastructure. The surrounding area is also evolving, including the development of Blatchford on the former Edmonton City Centre Airport lands, which is planned as a substantial mixed-use community.
Edmonton continues to add population and economic activity, although the rapid pace of population growth seen in recent years is expected to moderate. Forecasts also point to less new retail space being delivered in the market in 2026 than in the previous year. For an established centre such as Kingsway, continued metropolitan growth and a more limited pipeline of new retail supply provide a supportive backdrop.
Continuity Comes First at Kingsway
Despite the scale of the transaction, Westcliff is not planning an immediate overhaul of Kingsway. The company says no major changes are planned in the short term, with its initial focus on continuity, supporting existing operations and gaining a deeper understanding of the factors that have contributed to the property’s performance.
“Retailers and tenants should not expect abrupt changes,” Marcovitz said. “Westcliff’s approach is to listen first, understand what makes the property work and make thoughtful decisions that support the long-term customer experience.”
Westcliff will work with Kingsway’s existing management and operations teams as ownership transitions. There are also opportunities that could become more significant over time, including the sizeable space left by Hudson’s Bay following the department store’s closure at Kingsway in June 2025. Westcliff has not announced plans for the space, and Marcovitz stressed that major changes are not part of the immediate strategy for the centre.
“The long-term vision is to keep Kingsway Mall active, relevant and connected to the needs of the market it serves,” he said.
Kingsway Extends a Recent Acquisition Strategy
The Edmonton transaction follows two significant shopping centre acquisitions by Westcliff in late 2024. In October of that year, the company acquired Champlain Place in Dieppe, New Brunswick, from Cadillac Fairview. The approximately 784,000-square-foot super-regional centre has more than 150 stores and services and serves a broad trade area in southeastern New Brunswick.
Two months later, Westcliff acquired Fairview Park in Kitchener, Ontario, also from Cadillac Fairview. The 731,916-square-foot shopping centre has 113 stores and services and reported annual retail sales of $734 per square foot at the time of the transaction. Kingsway extends that acquisition activity into Alberta.
The three centres share several characteristics. Each is a large retail property with significant traffic, national tenants and a prominent position within its regional market. Westcliff has acquired them as functioning retail destinations with existing momentum rather than properties requiring immediate, large-scale turnaround strategies.
“This acquisition fits into Westcliff’s broader strategy of growing its Canadian portfolio through established retail destinations that are deeply connected to their communities,” Marcovitz said. Kingsway provides considerable scale in Westcliff’s return to the West, with reported sales of approximately $715 per square foot and close to seven million annual visitors giving the company an established operating base in Edmonton from the outset.
Major Shopping Centres Changing Hands
Westcliff’s recent acquisitions also highlight changes taking place in the ownership of some Canadian shopping centres. Kingsway was acquired from Oxford Properties, while Champlain Place and Fairview Park were purchased from Cadillac Fairview, putting three significant properties previously held by major institutional owners into Westcliff’s portfolio.
The transactions should not be read as evidence of a broad institutional retreat from Canadian shopping centres. Large pension-backed owners continue to hold some of the country’s most productive retail properties. They do, however, show that substantial regional malls are becoming available to private owners with different portfolio strategies and investment horizons.
Westcliff has been prepared to acquire these properties when they fit its investment criteria. Founded in 1972, the privately owned company has more than five decades of experience across shopping centres and other commercial real estate, with holdings in Canada and the United States.
A Selective Case for the Enclosed Mall
Kingsway also reflects Westcliff’s confidence in well-positioned enclosed shopping centres at a time when performance across the sector varies considerably. Strong centres continue to attract retailers, investment and customers, while properties facing weaker demand or changing trade areas can require significant repositioning.
Recent ownership changes in Edmonton provide a close comparison. Edmonton City Centre has gone through a court-supervised sale process, with its sale to Westrich approved in August, while Kingsway is changing hands as an operating regional centre where the new owner is emphasizing continuity. The contrasting circumstances show why enclosed shopping centres increasingly need to be assessed individually, with location, traffic, tenant demand, sales productivity and surrounding development producing very different outcomes within the same metropolitan market.
Westcliff’s investment case centres on properties that remain relevant to the communities around them. The company sees value in shopping centres where customers can combine retail visits with services and other everyday needs, supporting repeat traffic and long-term relevance.
Westcliff Open to Further Acquisitions
Asked whether the transaction signals an appetite for additional acquisitions in Western Canada or elsewhere in the country, Marcovitz confirmed that the company remains interested.
“Yes, but the goal is not simply to add properties to our portfolio, but to invest in places that have real purpose, strong market relevance and room to evolve,” he said.
Those criteria are consistent with Westcliff’s recent shopping centre purchases. Champlain Place strengthened its position in Atlantic Canada, Fairview Park expanded its holdings in Ontario, and Kingsway now provides a substantial presence in Alberta. As Canadian real estate owners continue to evaluate their portfolios and capital priorities, other acquisition opportunities could emerge.
For Kingsway, the immediate priority is straightforward. Westcliff has acquired a productive Edmonton shopping centre and plans to spend its initial period of ownership learning the property and supporting its existing operations. Longer term, Kingsway gives the company a significant Alberta platform as it looks for further opportunities to expand its Canadian portfolio.
