Victoria's Bay Centre for Sale

VICTORIA - On the market for a shopping mall? One in downtown Victoria is looking for a buyer. The landmark Bay Centre is up for sale, and commercial real estate brokers are putting the call out to those who might want a piece of the retail-sales action.
But it's unlikely one could cobble together enough Christmas gift cards to cover what will be considered a fair deal for the mall.

Why is owner Cadillac Fairview selling now?

The company says the move is driven by "significant interest from potential buyers and a strengthening economy that presents ideal timing for investors".

Ultimately the mall may have proved too small to fit in the company profile. Cadillac Fairview's other holdings include Pacific Centre in Vancouver, five times larger than the Bay Centre, and Toronto's Eaton Centre which is ten times the floor space as Victoria's downtown mall.

Analysts don't believe the sale has anything to do with the Uptown Centre mall, under construction just a few kilometers away.

Nor, say those close to the sale is it a reflection on the dwindling fortunes of retail sales.

In fact the sector's been busy on Vancouver Island with a 50% stake in Nanaimo's Woodgrove Mall selling just two weeks ago, part of a deal worth more than $350 million.

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