In what could be the largest commercial real estate transaction in British Columbia this year, the Bay Centre in Victoria has been sold to Toronto based Standard Life Assurance Company Real Estate Fund in an off-market transaction estimated at $100 to $105 million on February 11, 2015.
The four-level 407,000 sq. ft. enclosed regional centre sits on approximately 3 acres of land in the heart of Downtown Victoria and has long been considered one of the country's permanent trophy assets.
The mall is anchored by The Bay on a long-term tenancy and includes such other notable tenants as Sport Chek, Coast Capital Savings, Goodlife Fitness and Earls Restaurants.
This transaction marks the second significant investment in Victoria’s downtown core following Bosa Development Corp.’s acquisition of the Fairmont Empress hotel in June 2014 for $40 million. -- 2015 February 24 BUSINESS IN VANCOUVER
Separately, lunched recently with former ambassador to Malaysia who is helping one of his diplomat friends looking to sell his estate on the waterfront of Victoria B.C. Any takers for ~ $28.5 million? I have more pictures and site plan. Let me know.