(July 13 – 09:40 ET) – Canada Life put its 100% interest in the Sherway Gardens shopping centre on the block yesterday. The sale represents a continuation of Canada Life’s strategy over the past number of years to reduce its real estate investments. The insurer said this is in line with international trends within the financial services industry.
“Sherway Gardens has been an outstanding real estate investment. The property is one of Toronto’s premier retail facilities. The centre has enjoyed consistent growth in tenant sales and net income for decades and we expect that to continue. Nonetheless, a sale will facilitate appropriate balancing of our portfolio,” said David Nield, chairman, rresident and CEO.
Canada Life has owned Sherway Gardens since 1978 as the cornerstone of its real estate holdings. It has retained Scotia Capital Inc. to act as its financial advisor.
-IE Staff