UPDATED: Westcliff Management Ltd. announced it has acquired Kingsway Mall in Edmonton, expanding the Montreal-based real estate development, investment and property management firm's national retail footprint.

The 880,049-square-foot super regional mall had been owned and managed by Oxford Properties, the property arm of OMERS, the defined benefit pension plan for Ontario’s municipal employees, since 2000.

The mall, which sits on a 41.8-acre site just north of downtown Edmonton was built in 1976 and is home to over 160 stores and services.

"Kingsway Mall represents the kind of asset that has always been central to Westcliff's approach," Westcliff president Alan Marcovitz, said in a press release announcing the acquisition.

"A well-established property, deeply rooted in its region, with the ability to serve its community for generations to come," he continued. "Our return to Western Canada reflects our confidence in the Edmonton market and in the enduring value of retail destinations that bring people together."

Financial details of the transaction were not released.

Well-located, high-traffic asset

With annual retail sales of $715 per square foot, the Kingsway Mall attracts close to seven million visitors each year, the press release said. Among its tenants are some of Canada's best known retailers including Walmart, HomeSense, Marshalls, Shoppers Drug Mart, Aritzia, Sephora, Lululemon and Browns Shoes.

"We see an opportunity to build on that foundation and support (the mall's) continued role as a destination for shoppers across greater Edmonton," Westcliff vice-president and head of leasing Nicolas D'Aoust said.

"Driven by a young and educated population, Edmonton's dynamism reinforces its appeal as a strategic market with promising long-term economic prospects."

Westcliff said it will work closely with the mall's existing management and operations teams to support a smooth transition and minimize disruption for tenants and shoppers in the broader community.

"Kingsway Mall is a leading Edmonton shopping destination with strong market fundamentals, deep local relevance that maintains strong ties to the community through initiatives that support local causes and organizations," the press release said.

"Kingsway Mall has long served as a gathering place woven into the daily life of the surrounding neighbourhoods," Westcliff vice-president Adam Marcovitz added.

"Preserving and strengthening that role for the community will be a primary goal for us."

Marcovitz told RENX Kingsway Mall offered several qualities Westcliff looks for in a retail asset: scale, visibility, strong traffic, a meaningful role in the community and long-term relevance in its market.

"This acquisition gives Westcliff a strong platform in Alberta and adds a major Edmonton retail destination to its Canadian portfolio," he said.

He added: "Westcliff believes in the continued relevance of well-managed retail destinations that meet real community needs. The strongest shopping centres today are not only places to shop, but places where people access services, connect with retailers and remain linked to their local community."

About Westcliff

Founded in 1972, Westcliff Management Ltd. is a privately owned, diversified real estate development and management firm with holdings across shopping centres, office, industrial, residential and hospitality assets in Canada and the United States. The company has over 15 million rentable square feet and land for future development and a portfolio of over 40 major projects supported by 500 employees, according to its website.

Westcliff's other major shopping centre assets include:

• Champlain Place in Moncton - New Brunswick's largest shopping centre at 784,372-square-foot, it was puchased by Westcliff in 2024 from Cadillac Fairview.
• Fairview Park in Kitchener, Ont. - Also in 2024, Westcliff purchased the 731,916-square-foot Fairview Park mall from Cadillac Fairview.
• Carrefour Angrignon in Montreal - This 785,815-sq.-ft. shopping centre was built and developed by Westcliff and boasts more than 200 retailers.
• Les Promenades Gatineau, Gatineau, Que. - Westcliff added the 840,000-sq.-ft. shopping centre in Quebec's fourth largest city to its portfolio in 2023.