The Sun Life Assurance Company of Canada has advanced a $140-million term mortgage to Shape Properties, developer of a new shopping centre in Abbotsford, B.C.
The multimillion-dollar deal is the largest conventional mortgage investment in Sun Life’s history.
“This is a new and exciting venture that is bringing growth, vibrancy and sustainability to the local economy, and is also consistent with our focus on high-quality, long-term investments,” says Philip Gillin, senior managing director, Canadian property investments, at Sun Life Financial.
The 600,000-square-foot Highstreet Shopping Centre is located in the Fraser Valley, about 60 kilometres from downtown Vancouver.
The mall is owned by Shape Properties, a company holding the property on behalf of the Healthcare of Ontario Pension Plan and Shape Properties.