Phased renovations include modernization of mall interior, food court and exterior, continuing work on Cineplex pad and former Target space
MISSISSAUGA, ON, Jan. 23, 2019 /CNW/ - Morguard Real Estate Investment Trust (the "Trust") (TSX: MRT.UN), owners of The Centre mall in Saskatoon, SK, announced today that the Trust is investing approximately $43.0 million in renovation projects for the shopping centre. Projects include modernizing the interior and exterior of the property, continuing development of the new Cineplex pad and continuing the refit of the former Target space to welcome new retailers.
"We're happy to make this significant investment in The Centre and show our commitment to the City of Saskatoon," said Andrew Tamlin, Chief Financial Officer of the Trust. "Morguard is dedicated to providing a best-in-class experience that reinforces The Centre's position as a leading retail and entertainment destination in the community."
The redevelopment encompasses both the interior and exterior of the shopping centre, and will elevate the retail experience. To minimize inconvenience to guests and retailers, the modernization will be performed in phases. Work is expected to begin in early 2019 and be completed in 2020.
"Our team at The Centre is delighted to reveal our vision for the property, with a beautiful modern interior, enhanced dining area and a rejuvenated exterior," said Margaret Knowles, Senior Vice President, Development at Morguard. "The redevelopment will create a contemporary, connected space that can be enjoyed by our guests and existing tenants while paving the way for exciting new retailers and service providers in the future."
Renderings of the proposed redevelopment can be found on The Centre's website: www.thecentremall.com. Planned phases include:
- Modernization of the interior of the shopping centre, including new flooring and ceilings, expansive skylights and an updated colour scheme;
- Upgraded appearance and layout for the food court, with enhanced seating options and modern washrooms;
- A new Guest Services kiosk in the LINK walkway connecting Centre East and Centre West;
- Modernization of the exterior entranceways;
- Continued development of the Cineplex pad; and
- Continued renovation and refit of the former Target space to welcome new retailers in 2019 and 2020.
"We're very excited about the great changes coming to The Centre," says David Bubnick, General Manager of The Centre. "The next phase of our transformation will provide a fresh new look and an even more convenient, complete shopping experience for our guests."
About The Centre
The Centre is a regional shopping centre anchoring the east side of Saskatoon. The property was constructed in 1972 and renovated in 1995. The existing facility was created by linking together two previously separated shopping centres. The property is located at the intersection of Eighth Street (a major east/west arterial route through Saskatoon) and Circle Drive. The mall contains over 100 stores and is anchored by Co-op Grocery, GoodLife Fitness, Best Buy, SportChek, Ardene and Shoppers Drug Mart. The Centre will also be home to a new Cineplex pad operation in 2019, aggregating 30,000 square feet.
About Morguard Real Estate Investment Trust
The Morguard Real Estate Investment Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 49 high quality retail, office and industrial income producing properties in Canada consisting of approximately 8.6 million square feet of leaseable space. For more information, please visit www.morguard.com or follow us on LinkedIn.
SOURCE Morguard Real Estate Investment Trust
For further information: please contact: K. Rai Sahi, Chairman and Chief Executive Officer, T 905-281-4800; Andrew Tamlin, Chief Financial Officer, T 905-281-4800; David Bubnick, General Manager, The Centre, T 306-955-6611