'Rather unexpected' sale: Tsawwassen Mills mall has a new owner
A Metro Vancouver mall on First Nations land has a new owner, a commercial real estate and retail investment company with assets in Southeast Asia.
Central Walk announced the purchase of Tsawwassen Mills earlier this month, writing in an announcement, "The following news may be rather unexpected."
The company describes itself as specializing in the acquisition, development and operation of commercial real estate, and says that, "with assets already distributed in major cities in Southeast Asia," it's now focusing on retail investments in Canada.
Last fall, the company took over the Mayfair Shopping Centre on Vancouver Island.
In a news release, Central Walk said the acquisition of Tsawwassen Mills "consolidates the company's place as a Canadian real estate power."
In a memo about the sale, Central Walk said it was "pleased and humbled" to announce the acquisition of the mall from Quebec-based Ivanhoé Cambridge.
The Tsawwassen First Nation remains the landlord of the property, and it does not appear that there are major plans to change the mall at the moment.
Central Walk said its short-term plan includes marketing of "unique and exciting events," as well as a "prominent entertainment presence," but it did not provide specific details.
Long-term, however, there's a vague suggestion that things may change.
"Retail will always be a core part of commercial real estate, but it demands innovation and progressive change at the end of every cycle," Central Walk said.
"Retail faces the need for an imminent departure from shopping as a singular function, and instead becoming multi-function community hubs where people from all walks of life can find inclusion, representation, and engagement."
While not addressed in the statement about the purchase, the mall has made headlines in its first year of opening.
In 2016, there was controversy surrounding a white sturgeon that lived in an aquarium in the megamall, which was new at the time.
A short time after calls to remove the giant fish, it was euthanized.
Earlier that same year, shoppers were forced to endure hours of traffic in the parking lot and surrounding area. Officials estimated 50,000 shoppers visited the centre on opening weekend, and it was so busy that some were stuck in their vehicles for up to four hours.
CTVNews.ca Top Stories
'Too young to have breast cancer': Rates among young Canadian women rising
Breast cancer rates are rising in Canada among women in their 20s, 30s and 40s, according to research by the University of Ottawa (uOttawa).
Minister 'outraged' after AFN national chief's headdress taken from Air Canada cabin
The federal minister of Crown-Indigenous relations is calling on Air Canada to 'make things right' with the national chief of the Assembly of First Nations, who said her headdress was removed from an airplane cabin during a flight this week.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
'I was scared': Ontario man's car repossessed after missing two repair loan payments
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Canada recognizes housing as a human right. Few provinces have followed suit
As more Canadians find themselves struggling to afford or find housing, the country's smallest province is the only one that can point to legislation recognizing housing as a human right.
What to know about avian influenza in dairy cows and the risk to humans
Why is H5N1, or bird flu, a concern, how does it spread, and is there a vaccine? Here are the answers to some frequently asked questions about avian influenza.
'Violation': CSIS had officer investigated after she reported a superior raped her
A CSIS officer's allegations that she was raped repeatedly by a superior in agency vehicles set off a harassment inquiry, but also triggered an investigation into her that concluded the alleged attacks were a “misuse” of agency vehicles by the woman.
Pro-plastic lobbyist presence at UN talks is 'troubling,' say advocates
Environmentalist groups are sounding the alarm about a steep increase in the number of pro-plastic lobbyists at the UN pollution talks taking place this week.