VANCOUVER, Jan. 25, 2017 /CNW/ - QuadReal Property Group announced today that it has entered an agreement to purchase Vancouver's Oakridge Centre from Ivanhoé Cambridge. Oakridge, one of Canada's premier regional malls, hosts an exclusive collection of 150 shops and services and offers significant retail and residential development potential. Home to Canada's most desirable tenants, the 575,000-square-foot shopping mall is the country's second most productive1 with sales of $1,537 per square foot.
"The opportunity to acquire a flagship retail property and development project of such quality is rare," said Remco Daal, President of QuadReal's Canadian real estate division. "Retailers and their customers gravitate to the best locations and Oakridge, an urban gem at the hub of popular transportation and transit networks, perfectly fits this profile."
Over nearly six decades, Oakridge Centre has welcomed generations of shoppers to become an important part of Vancouver's community fabric. QuadReal is pleased to be building upon the remarkable legacy of this Vancouver landmark.
QuadReal has selected Westbank, a prominent Vancouver-based developer, as its partner on a potential Oakridge redevelopment. Westbank has developed many of Vancouver's best-known and most transformative projects – including the redevelopment of Woodward's, Fairmont Pacific Rim, TELUS Garden and Vancouver House – and recently led the planning for a proposed Oakridge redevelopment. QuadReal and Westbank are in the process of reviewing opportunities for a master planned retail, office and residential redevelopment for the 11.5-hectare (28.5-acre) site.
"Along with QuadReal, we have an opportunity to bring to fruition a new standard in urban living
about which we have long been passionate – a cultural hub that takes every element of a vibrant multicultural city and shares them with our community and millions of visitors a year," said Ian Gillespie, Founder, Westbank. "We believe the future of Oakridge Centre will be even more dynamic than its past. We have few opportunities in life to create truly world-class projects – this will be one."
The Oakridge Centre transaction is subject to customary closing conditions, and is expected to close in the first quarter of 2017. Financial terms of the transaction will not be disclosed.
1Retail Council of Canada, Canadian Shopping Centre Study, December 2016
About Oakridge Centre
Oakridge Centre is one of Canada's most successful shopping centres. Located on a 28.5-acre site at the intersection of 41st Avenue and Cambie Street on Vancouver's West Side, Oakridge Centre opened in 1959. In 2014, the City of Vancouver approved rezoning of Oakridge Centre (subject to meeting enactment conditions) to accommodate additional office, retail and residential uses and community amenities including a park, civic centre, affordable housing, a library and day care. Oakridge Centre is well served by the Canada Line and other public transit options.
QuadReal is an independent and privately held global real estate company with managed assets totaling more than $18 billion, including some of Canada's most well-known properties. Headquartered in Vancouver, British Columbia, QuadReal is owned by bcIMC, one of Canada's largest institutional investors, and was established to manage its real estate assets. QuadReal is a Canadian investment and management company that operates in a global market. It aims to deliver prudent growth, strong, risk-adjusted investment returns and to create and sustain places that bring value to everyone – not just for now, but for the benefit of future generations.
The core of Westbank's mission is to create a body of work with a high degree of artistry that helps foster more equitable and beautiful cities. Westbank is active across Canada, in the western United States and Asia, with projects including luxury residential, Five Star hotels, retail, office, rental, district energy systems, affordable housing initiatives and public art. Established in 1992, Westbank is now one of North America's leading developers, with offices in Vancouver, Calgary, Toronto, Seattle, Shanghai, Beijing, Taiwan, Tokyo, Hong Kong, Shenzhen with more than $25 billion dollars of projects completed or under development.
SOURCE QuadReal Property Group
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