The Kindersley Mall is experiencing yet more change as an August 18 announcement stated an ownership transition is pending to a subsidiary of Strathallen Capital Corp.
The mall is currently owned by OneREIT, a real estate investment trust from Vaughan, Ontario. According to the announcement, Strathallen, a real estate management platform based in Toronto Ontario, is acquiring 43 other properties, in addition to the Kindersley Mall, for a total of 4.6 million square feet of retail space worth a total of $703.5 million.
The entire transaction, valued around $1.1 billion, will be officially decided upon after a unit-holder meeting on September 25. The chief executive officer for OneREIT, Richard Michaeloff, verified that Strathallen will obtain properties, including Kindersley’s 12th Avenue Mall, once the transaction is approved.
This move of Strathallen follows on the heels of a strategic review that was set in motion in June 2016. In a statement released on August 4, Strathallen quoted President Laetitia Pacaud in the following statement “The acquisition of this portfolio will be transformational for Strathallen. Our strategic plan for realization of value from the properties will entail focus of Strathallen’s unique approach, national platform and the proven skills of experienced personnel.”
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