Crestpoint Real Estate Investments and Anthem Properties have purchased the Tillicum Centre in Victoria for $110 million.

According to a press release, the shopping centre less than five kilometres from downtown Victoria with more than 40 stores including Lowe’s, Save-On-Foods, London Drugs, Winners and Cineplex. Its central location, strong anchors and community amenities make it a regional shopping destination for the Capital Regional District.

“This is an excellent acquisition for us,” says Kevin Leon, President of Crestpoint in a press release. “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 was originally built in 1982 and was recently renovated in 2016. Crestpoint and Anthem will work together to ensure the shopping centre continues to evolve to meet the growing needs of Greater Victoria and its residents.

“Tillicum Centre is a tremendous asset that adds meaningfully to our diversified portfolio,” says Eric Carlson, CEO of Anthem in a press release. “We have remained invested in the Greater Victoria market for decades and this addition reinforces our real estate strategy.”