'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
Winnipeg man admits to killing four women, argues he's not criminally responsible
Defence lawyers of Jeremy Skibicki have admitted in court the accused killed four Indigenous women, but argues he is not criminally responsible for the deaths by way of mental disorder – this latest development has triggered a judge-alone trial rather than a jury trial.
Man banned from owning animals after fatal Calgary dog attack
The owner of three Calgary dogs that got loose and mauled a woman to death in 2022 has been ordered to pay a $15,000 fine within one year and banned from owning any animal for 15 years.
Mediterranean staple may lower your risk of death from dementia, study finds
A daily spoonful of olive oil could lower your risk of dying from dementia, according to a new study by Harvard scientists.
DEVELOPING Hamas accepts Gaza ceasefire proposal from Egypt and Qatar
Hamas said it has accepted a ceasefire deal proposed by Egypt and Qatar, which seeks to halt the seven-month war with Israel in Gaza, prompting Israel to say it would send a delegation to negotiate – though it warned the proposal remained far from the 'necessary requirements.'
An El Nino-less summer is coming. Here's what that could mean for Canada
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
East-end Ottawa family dealing with massive rat infestation
Residents in Ottawa’s Elmridge Gardens complex are dealing with a rat infestation that just won’t go away. Now, after doing everything they can to try to fix the issue, they are pleading with the city to step in and help.
2024 Met Gala: Everything to know about fashion's annual soiree
Fashion’s biggest night out — hosted at the Metropolitan Museum of Art in New York each year on the first Monday of May — is both a forever-evolving spectacle and a carefully crafted event.
Concern over speeding in Fredericton neighbourhood grows after 2 teens, young adult killed in crash
Three people – including two teens – are dead, and two others are injured after a crash that has left a greater Fredericton community shaken.
Competition Bureau launches inquiry into Lululemon over 'greenwashing' allegations
Canada's Competition Bureau has launched an inquiry into Vancouver-based Lululemon following a complaint from members of an environmental group.