Grosvenor Property Canada Strengthens Portfolio with Strategic Vancouver Island Acquisition
In a significant move that underscores its renewed commitment to the Canadian market, Grosvenor Property Canada has announced the full acquisition of Broadmead Village, a premier grocery-anchored retail plaza located on Vancouver Island. The transaction, finalized in early 2026, represents a strategic expansion of Grosvenor's investment footprint in British Columbia and aligns with the company's recently announced plans to reinvest in Canada.
Details of the Broadmead Village Transaction
Grosvenor Property Canada has acquired a 100% interest in Broadmead Village, a 128,018 square foot open-air neighbourhood shopping centre situated on 12.74 acres in the heart of the Saanich peninsula. Previously, Grosvenor had held the property in equal partnership with ADMNS, a subsidiary of the Manitoba Civil Service Superannuation Board (CSSB), since 1997. This acquisition allows Grosvenor to take full ownership of what has been described as one of the best-performing assets within its Canadian property portfolio.
The plaza is anchored by a Thrifty Foods grocery store, which is notably one of the top-performing locations within the Sobey's chain. This grocery-anchored retail model is considered a highly desirable asset class due to its resilience during economic fluctuations. Broadmead Village features an array of specialty shops and nationally branded stores and services, with a tenant mix that has demonstrated low historical turnover and vacancy rates, contributing to its strong and consistent performance.
Strategic Importance and Future Plans
Robert Duteau, Senior Vice President of Investment for Grosvenor Property Canada, emphasized the strategic nature of this purchase. "We view this as an outstanding opportunity to further our investment into Canada," Duteau stated. "It highlights our strengths as an owner and manager and follows our track record of developing and operating exceptional mixed-use assets such as The Rise, Connaught, and Grosvenor Ambleside. Acquiring grocery-anchored retail at scale with future redevelopment potential is an approach we are very focused on here in Canada."
This transaction exemplifies Grosvenor's long-standing commitment to the Canadian market, where the company has been investing for over 70 years. Grosvenor has played a significant role in shaping Metro Vancouver's urban landscape and supporting its socio-economic success through various high-quality mixed-use and industrial property developments.
Property History and Sustainability Credentials
Broadmead Village has a notable history under Grosvenor's management. In 2012, the company undertook an award-winning renovation that modernized the property, showcasing its long-term business approach to creating sustainable urban environments. This renovation earned the property Gold, Silver, and Bronze accreditations from the Building Owners and Managers Association's (BOMA) Building Environmental Standards program, reflecting Grosvenor's commitment to environmental stewardship and sustainable development practices.
Ian Cameron, Senior Portfolio Manager for Real Estate at the Civil Service Superannuation Board (CSSB), praised Grosvenor's management of the property. "Grosvenor's first-class management of Broadmead Village parallels our experience with them as a long-term investment partner on other properties," Cameron remarked. "We are pleased with Broadmead Village's performance over the decades, and notably, Grosvenor's transformation of the property into one of Vancouver Island's top-performing grocery-anchored retail plazas."
About Grosvenor Property Canada
Grosvenor Property Canada operates as an owner, developer, and investor in high-quality mixed-use places and industrial properties. With over seven decades of experience in the Canadian market, the company has established itself as a key player in the evolution of urban landscapes, particularly in Metro Vancouver. This acquisition of Broadmead Village reinforces Grosvenor's strategy to focus on resilient, grocery-anchored retail assets with strong performance histories and future redevelopment potential, positioning the company for continued growth in the Canadian commercial real estate sector.
