WINNIPEG – Kildonan Place arcade centre is actuality sold.
Ivanhoe Cambridge and Sears Canada appear Wednesday morning that the arctic Winnipeg capital is actuality awash to H&R Real Estate Investment Trust.
The capital is actuality awash for $138.5 million. The auction is accepted to abutting on Sept. 17, a account absolution said.
Ivanhoe Cambridge affairs to use the money from the auction to strengthen its retail portfolio elsewhere, including advance in its Outlet Collection malls, one of which is appointed to accessible abreast the Winnipeg Ikea in 2017.
READ MORE: Massive Outlet Collection retail development advancing to Winnipeg
Sears will abide to accomplish as accepted with the aforementioned agents at Kildonan Place, a Sears official said.
Retail experts are calling the auction rare.
“You attending at a able-bodied managed mall…They don’t calmly change hands,” said Fang Wan, a business assistant at the University of Manitoba.
She said the new buyer should try to accomplish the capital angle out instead of aggravating to attempt with destination arcade sites such as Polo Park.
“(They should) absolutely anxiously try to acquisition out a aggressive alcove so that the Kildonan capital can actualize article different,” said Wan.
While primarily an eastern Canada company, H&R Real Estate Investment Trust is no drifter to the retail bazaar in Winnipeg.
The aggregation already owns Garden City Square and Grant Park Arcade Centre.
Grant Park is in the average of a massive facelift with new flooring, beam and basement actuality installed.
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