Killam large investment in Charlottetown
Looks like there will be some major development in the works around the Charlottetown Mall in coming years.
"Killam is pleased to announce that it has agreed to purchase a 50% interest in the Charlottetown Mall, located in Charlottetown, PE, from RioCan REIT at a purchase price of $23.7 million for an all cash yield of 6.69%. This stabilized, grocery-anchored, enclosed mall is a 352,448 square foot retail complex and is the dominant shopping centre in Prince Edward Island. It is located on 32 acres in the heart of Prince Edward Island’s busiest retail node with future multi-family development opportunities of up to 300 units. The retail portion of the property will continue to be managed by RioCan after closing, with the future residential project being managed by Killam. This purchase will establish Killam’s second joint venture with RioCan REIT and the acquisition is expected to close on May 17, 2019."
Source:
https://www.globenewswire.com/news-relea...lts-and-105-Million-in-Acquisitions.html