Toronto-based mall developer First Capital Realty Inc. (TSX:FCR) announced Wednesday that it has purchased Semiahmoo Shopping Centre in Surrey for $84.5 million from Bosa Development Corp.
The price tag for the 293,000 square-foot shopping centre is a combination of cash and the assumption of $27.5 million of fixed rate debt.
It is the largest property acquisition completed by the company in B.C. and brings its portfolio to 22 properties comprising two million square feet totalling $528 million in gross book value.
Its second largest asset in B.C., by square footage, is the 266,000 square-foot West Oaks Mall in Abbotsford.
The Semiahmoo mall is located on 19.6 acres on the border between White Rock and Surrey. Current occupancy at Semiahmoo, including committed leases, is 98%. First Capital said in a release that the property has significant redevelopment and intensification opportunities.
First Capital acquired Victoria’s Tuscany Village mall for $26.9 million last January.