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The property management company looking to acquire the Kindersley Mall plans to find new tenants, including a food retailer.
The Clarion reported last week that Strathallen Acquisitions Inc., a subsidiary of Strathallen Capital Corp., has entered into an agreement of purchase and sale with a subsidiary of OneREIT to acquire 44 retail properties across Canada for a total of $703.5 million.
The Kindersley Mall is one of the 44 properties included in the transaction. OneREIT, the owner and property manager for the mall, aims to sell an additional 12 properties to SmartReit as part of the transaction.
According to press releases, the 44 properties in the Strathallen transaction have a total of 4.6 million square feet of retail space and the primary uses of the 44 properties include grocery stores, drug stores and services. There are other costs and considerations included in the transaction.
OneREIT, a publicly-traded real estate investment trust based in Vaughn, Ont., is holding a special meeting of its unit-holders on Sept. 25 where unit-holders will vote on the transaction.
The board of trustees for OneREIT has unanimously recommended that unit-holders vote in favour of the transaction.
According to Strathallen, the acquisition would be funded by Strathallen Retail Property Fund IV, and an institutional investor. Strathallen is based in Toronto.For more on this story, please see the Aug. 30 print edition of The Clarion.
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