Not sure if this is of interest. WHat company was the owner of Edmonton's Eaton Centre?
newswire.ca
Oxford Properties Group acquires Edmonton's Eaton Centre
Plans to Integrate Two Downtown Malls
CUSIP: 691902 10 0
TSE Symbol: OXG
EDMONTON, AB, March 2 /CNW/ - Oxford Properties Group Inc. announced
today the acquisition of Eaton Centre in downtown Edmonton, in a 50:50 joint
venture with a major Canadian pension fund, for $72.7 million. Title
registration for the property is currently in process and it is anticipated
that it will be completed by the end of today. This acquisition does not
include the Centre Suites Hotel which is integrated within the retail complex.
Over the next two years, Oxford and its partners plan to spend approximately
$20 million on internal and external renovations to the Eaton Centre and the
Edmonton Centre to create a fully integrated downtown super-regional shopping
centre.
''We plan on joining the two retail shopping centres together to create a
million square foot dominant super-regional shopping complex in downtown
Edmonton anchored by the Bay and Eaton's,'' says Jon E. Love, President and
CEO of Oxford Properties Group Inc. ''We believe by physically integrating
these two significant retail projects, that we will create a dominant retail
draw for the Edmonton consumer. In Calgary, we combined our two downtown
retail projects, TD Square and Calgary Eaton Centre, in a very similar set of
facts and have created a market leading super-regional centre. We believe we
can replicate our Calgary success in Edmonton and will thereby create
significant value for our shareholders.''
Oxford Properties owns interests in and manages five neighbouring office
buildings, all of which are connected to the retail malls: MetroNet Tower,
Canada Trust Tower and the three office towers of Edmonton Centre -- the TD
Tower, Merrill Lynch Tower and Oxford Tower.
''This announcement is great news for downtown Edmonton,'' says
Edmonton's Mayor Bill Smith. ''Oxford Properties has been a strong supporter
of the Capital City Downtown Plan, and their plans for Eaton and Edmonton
Centres will be good for downtown, good for Edmontonians and good for tourists
to our city.''
Since 1997, Oxford and its partners have spent approximately $20 million
on renovations to Edmonton properties, $13.5 million of which was directed to
internal and external renovations to the TD Tower. Another $5 million was
spent on upgrades to the Edmonton Centre and MetroNet Tower parkades on
improved lighting, security cameras, emergency help stations and signage.
Oxford's strategy is to build dominance in its target markets through
owning prime investment real estate assets with joint venture partners. Oxford
is one of Canada's largest property owners and managers with assets of $3.1
billion. Through its long-term strategic relationships with tenants, owners
and investment partners, Oxford has built an integrated portfolio of owned and
managed properties in the office, retail and industrial sectors.
Oxford owns interests in a 35 million square foot portfolio (20 million
square feet net) of high quality, commercial properties, located in Canada and
the United States. The Company manages approximately 57 million square feet of
commercial real estate properties.
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For further information: Brent Chapman, Vice President, Edmonton, Oxford
Properties Group Inc., (780) 426-8400, bchapman@oxfordproperties.com;
Christine Bell, Manager, Investor Relations, Oxford Properties Group Inc.,
(416) 868-3717, cbell@oxfordproperties.com; For further Oxford Properties
Group Inc. information, please visit our web site at www.oxfordproperties.com
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