Kindersley Mall to be acquired by private company

If two-thirds of the unit holders vote in favour of the transaction, the target closing date is the end of September

The Kindersley Mall will soon have new owners

Kenneth Brown
of The Clarion

Things could be looking up for the Kindersley Mall after a rough year. The mall’s property management trust is selling the property to a private company.

An announcement on Aug. 4 by all parties involved in the transaction stated that a subsidiary of Strathallen Capital Corp., which manages and operates four private funds, has entered into an agreement to acquire a portfolio of properties from a subsidiary of OneREIT.

OneREIT, a publicly-traded real estate investment trust based in Vaughan, Ont., is the owner of the Kindersley Mall. The mall is one of 44 retail properties to be acquired by Strathallen, a real estate management firm based in Toronto.

According to press releases, the 44 properties in the Strathallen transaction have a total of 4.6 million square feet of retail space. The primary uses of the properties include grocery stores, drug stores and services. The purchase price for the portfolio of properties is $703.5 million, along with other costs and considerations.

For more on this story, please see the Aug. 23 print edition of The Clarion.

© Kindersley Clarion

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