Westcliff has made its second major retail acquisition from Cadillac Fairview in the past two months, announcing on Monday morning, it is the new owner of the Fairview Park shopping centre in Kitchener, just west of Toronto.

The 731,916-square-foot Fairview Park mall has been a dominant retail destination in the Kitchener-Waterloo-Cambridge area since 1966, and currently comprises 113 stores and services. With annual retail sales of $734 per square foot, the mall ranks among the top-performing shopping centres in the country.

Financial details were not released. 

"Fairview Park exemplifies the qualities we prioritize in our portfolio: strong market presence, exceptional tenant offerings and deep community roots," Nicolas D'Aoust, Westcliff’s vice-president and head of leasing, said in the announcement. "This acquisition reflects our confidence in the resilience of physical retail spaces, even in the digital age. 

“By fostering environments that serve as gathering places and centres of commerce, we reaffirm our belief in the enduring value of human interaction and local engagement."

Second recent mall acquisition for Westcliff

Westcliff also acquired the 784,372-square-foot Champlain Place shopping centre in Dieppe, N.B. from Cadillac Fairview at the end of October. Like Fairview Park, Champlain Place is also a dominant regional player; it is the largest mall in the province

Fairview Park is anchored by Walmart, The Bay and the region’s only Cineplex VIP theatre. It also includes brands such as Sephora, Winners, SportChek, H&M, Aritzia and other fashion, dining and entertainment options.

In the announcement, Westcliff states the acquisition expands its retail footprint in high-growth markets.

"Kitchener-Waterloo's robust economy, anchored by tech innovation and education, makes it one of Canada's most dynamic markets," said Alan Marcovitz, president and chairman of the Westcliff board, in the announcement. "By integrating Fairview Park into our portfolio, we're committing to preserving its legacy as a cornerstone of this thriving region, while positioning it to meet the needs of its growing and diverse population."

Kitchener’s population increased 6.1 per cent in 2023, the highest among all Canadian metropolitan areas. As part of an extended hub for innovation industries and education which includes the neighbouring municipalities of Waterloo, Cambridge and Guelph, the region is continuing to attract professionals, students and families.

About Westcliff

Westcliff is a Montreal-based, privately-owned real estate development and management firm with over 50 years of experience in the sector.

It is involved in the development, construction and management of large-scale real estate projects in Canada and the United States. The company’s expertise spans property acquisition to ground-up development, asset repositioning and revitalization, from property management, leasing and financing.

The company employs a team of over 500 people.