Acquisition "the next step in the progression" of Cornwall-based commercial and retail property management firm, company executive says.
KingSett Capital is now sole owner of the region’s second-largest shopping mall after purchasing Ivanhoe Cambridge’s 50 per cent stake in the west-end plaza.
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While Santa might not be coming to their properties and surveys suggest Canadians aren't in a spending mood, several local mall managers are seeing signs of hope amid the gloom.
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Montreal-based retailer has spent much of the COVID-19 pandemic trying to refinance or sell its business to a third party that would keep it in operation.
With relatively little new retail space under construction that’s poised for an imminent delivery, the storefronts currently being vacated should be quickly absorbed once the economy rebounds.
"It's a pretty sharp pullback after some explosive growth in retail spending in June."