League Assets Corp. has entered into a joint venture with the Squiala First Nation
League Assets Corp. has entered into a joint venture with the Squiala First Nation in Chilliwack, BC to form the Eagle Landing Retail Limited Partnership and develop what may become the largest unenclosed retail shopping centre complex in British Columbia. The Partnership is on a 50/50 basis with the band, which currently owns the property. The property consists of 54.7acres, and when completed the project will have 600,000 sq/ft plus of leasable retail space with excellent highway access.
OPPORTUNITY
We believe there is signi#cant pent-up demand for retail space in the Fraser Valley, especially in a shopping centre of thismagnitude. This demand is apparent in the interest shown by the larger anchor tenants looking at the site. Five anchortenants are showing serious interest, and we are proceeding with the approval processes.
RISK MITIGATION
To reduce risk, the project will be developed in stages. Construction will begin only after leases are signed and construction finnancing is obtained. The funding of the land purchase will coincide with the development stages — before construction begins.
EXIT
Upon completion of all construction, we expect to obtain term financing and we will then look either to sell the property or to roll it into the IGW REIT LP pool. As many of our partners have experienced with similar investments, the tax-deferred roll-over provides an exit from the investment and marks the project’s conclusion. The net result: acquisition of a quality asset at a low cost base.