LaSalle Canada Property Fund has acquired Edmonton City Centre (ECC) which includes TD Tower, Oxford Tower and Centre Point Place along with retail leasable areas. ECC represents nearly 1.4 million square feet in a mixed-use asset and four parking components with a total of 2,500 stalls.
The acquisition is in partnership with Universal-Investment on behalf of Bayerische Versorgungskammer (BVK), and two managing owners, North American Development Group and Canderel.
North American Development Group entities, including CentreCorp Management, will provide property management services and leasing for the ECC retail component, and Canderel entities, including Humford Management, will provide property management services and leasing for the office and non-retail components. Mortgage origination sourcing and placement for the acquisition was provided by an entity related to Forgestone Capital.
“We are pleased to complete this transaction with our partners, as it represents a rare opportunity to own a landmark mixed-use asset with a strong tenant roster in the heart of Edmonton’s downtown core. This acquisition aligns well with LCPF’s objective to provide investors with immediate exposure to a diverse and mature portfolio of assets focused in Canada’s six major markets,” said John McKinlay, LaSalle Canada CEO.
Spanning three city blocks, ECC is situated at the epicenter of Edmonton’s financial core and is the major shopping centre downtown, with an evolving service, convenience, entertainment and food and beverage-focused offering. The retail and parking portions benefit from their Pedway connectivity and adjacency to the recent downtown Ice District development, Canada’s largest mixed-use sports and entertainment district with 180 events per year.
“This transaction is emblematic of our ability to source world-class properties with industry-leading partners. We see tremendous potential in the ECC acquisition given the growth momentum of the adjacent Ice District, light rail transit connections that are supporting continued urban gentrification and population growth,” said Michael Cornelissen, senior vice president of acquisitions for LaSalle Canada.