Morguard Real Estate Investment
Trust (the "Trust") (TSX: MRT.UN), owners of The Centre mall in
Saskatoon, SK, announced today that the Trust is investing approximately $43.0
million in renovation projects for the shopping centre. Projects include
modernizing the interior and exterior of the property, continuing development
of the new Cineplex pad and continuing the refit of the former Target space to
welcome new retailers.
"We're happy to make this
significant investment in The Centre and show our commitment to the City of
Saskatoon," said Andrew Tamlin, Chief Financial Officer of the Trust.
"Morguard is dedicated to providing a best-in-class experience that
reinforces The Centre's position as a leading retail and entertainment
destination in the community."
The redevelopment encompasses
both the interior and exterior of the shopping centre, and will elevate the
retail experience. To minimize inconvenience to guests and retailers, the
modernization will be performed in phases. Work is expected to begin in early
2019 and be completed in 2020.
"Our team at The Centre is
delighted to reveal our vision for the property, with a beautiful modern
interior, enhanced dining area and a rejuvenated exterior," said Margaret
Knowles, Senior Vice President, Development at Morguard. "The
redevelopment will create a contemporary, connected space that can be enjoyed
by our guests and existing tenants while paving the way for exciting new
retailers and service providers in the future."
Renderings of the proposed
redevelopment can be found on The Centre's website: www.thecentremall.com.
Planned phases include:
of the interior of the shopping centre, including new flooring and
ceilings, expansive skylights and an updated colour scheme;
appearance and layout for the food court, with enhanced seating options
and modern washrooms;
A new Guest
Services kiosk in the LINK walkway connecting Centre East and Centre West;
of the exterior entranceways;
development of the Cineplex pad; and
renovation and refit of the former Target space to welcome new retailers
in 2019 and 2020.
"We're very excited about
the great changes coming to The Centre," says David Bubnick, General
Manager of The Centre. "The next phase of our transformation will provide
a fresh new look and an even more convenient, complete shopping experience for
About The Centre
The Centre is a regional
shopping centre anchoring the east side of Saskatoon. The property was
constructed in 1972 and renovated in 1995. The existing facility was created by
linking together two previously separated shopping centres. The property is
located at the intersection of Eighth Street (a major east/west arterial route
through Saskatoon) and Circle Drive. The mall contains over 100 stores and is
anchored by Co-op Grocery, GoodLife Fitness, Best Buy, SportChek, Ardene and
Shoppers Drug Mart. The Centre will also be home to a new Cineplex pad
operation in 2019, aggregating 30,000 square feet.
About Morguard Real Estate
The Morguard Real Estate
Investment Trust is a closed-end real estate investment trust, which owns a
diversified portfolio of 49 high quality retail, office and industrial income
producing properties in Canada consisting of approximately 8.6 million square
feet of leaseable space. For more information, please visit www.morguard.com or follow
us on LinkedIn.