Global real estate fund manager BGO has acquired a grocery-achored shopping mall in Mississauga, Ontario, on behalf of its Prime Canadian Property Strategy.
The 300,000sqft Rockwood Plaza is 95% leased and is anchored by Food Basics. Other tenants include national retailers Winners, HomeSense, Shoppers Drug Mart, and Dollarama.
Simon Holmes, managing partner and CIO of BGO Canada, said: “This acquisition aligns with Prime’s repositioning strategy, targeting high-quality, income-producing assets with the potential for long-term value creation.
“Rockwood Plaza not only provides a stable income profile and significant future development optionality given its urban location and favourable zoning, it also showcases the strength of BGO’s vertically integrated platform. With BGO Properties, our in-house property management, operations and leasing team, fully embedded in the execution strategy, we are uniquely positioned to enhance performance and deliver enduring value for our investors.”
As part of the Prime Canadian Property Strategy, BGO added that it will execute an active asset management plan at Rockwood Plaza, focused on selective capital improvements, tenant engagement and strategic leasing to enhance long-term value.
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