Ivanhoé Cambridge and Sears Canada Inc., co-owners of Kildonan Place Shopping Centre, have announced an agreement to sell the property for $138.5-million.
The mall was purchased by H&R Real Estate Investment Trust who plan to partner with Montez Income Properties Corporation before the expected closing date of the transaction on September 17.
According to a news release, the property will be managed by Primaris Retail, a subsidiary of H&R Real Estate Investment Trust.
"We are pleased to increase Primaris' portfolio in the Winnipeg market with the acquisition of Kildonan Place,” said Patrick Sullivan, the Chief Operating Officer of Primaris. “The acquisition of this shopping centre is part of our defined property strategy to own properties dominant in their trade area throughout Canada. This is our niche and we excel at managing, leasing and developing this type of property.”
According to the release, Sears Canada will continue to operate its department store at Kildonan Place.
