Grosvenor has acquired a 100% interest in Greater Victoria Area mall Broadmead Village for an undisclosed price.

U.K.-based Grosvenor and long-time partner ADMNS, a subsidiary of the Manitoba Civil Service Superannuation Board (CSSB), had owned Broadmead Village in an equal partnership since 1997.

Grosvenor, a long-time institutional investor in Canada, particularly B.C., said the move is in line with its Canadian growth strategy, which is on the upswing.

The Greater Victoria Area is a secondary market. Contrary to this single-asset deal, such large institutional investors tend to invest in secondary-market assets held within larger portfolios containing multiple properties scattered across geographies.

Broadmead Village is located in Saanich, B.C., in the heart of the Saanich peninsula on Vancouver Island. The mall features a mix of specialty retailers and nationally branded stores and services.

The 128,018-square-foot open-air neighbourhood shopping centre is anchored by Thrifty Foods and occupies 12.74 acres. The property has been among the strongest performers in Grosvenor’s Canadian portfolio, supported by continued leasing momentum, the company said.

Broadmead Village’s tenant base has historically shown low turnover and vacancy and strong performance, providing insulation from economic downturns. Thrifty Foods’ Broadmead Village location is also one of the top-performing stores in the Sobeys-owned chain.

Grosvenor said the acquisition underscores the company’s longstanding commitment to Canada, where it has invested for more than 70 years.

“We view this purchase as an outstanding opportunity to further our investment into Canada,” said Robert Duteau, senior vice-president of investment for Grosvenor’s Canadian business.

The move also highlights’ Grosvenor’s strengths as an owner and manager, and follows the firm’s track record of developing and operating exceptional mixed-use assets, such as The Rise in Vancouver, Connaught in North Vancouver, B.C.; and Grosvenor Ambleside in West Vancouver, B.C., he added.

“Furthermore, acquiring grocery-anchored retail at scale with future redevelopment potential is an approach we are very focused on here in Canada,” he said.

In 2012, Grosvenor completed an award-winning modernization of Broadmead Village that reflected its long-term approach to sustainable urban development. The project earned Gold, Silver and Bronze accreditations under the BOMA Building Environmental-Standards (BOMA BEST) program.

“Grosvenor’s first-class management of Broadmead Village parallels our experience with them as a long-term investment partner on other properties,” said Ian Cameron, CSSB’s senior portfolio manager.

Pictured: Broadmead Village mall in Saanich, B.C.

Photo: CNW Group/Grosvenor