Westmount Shopping Centre sold

After speculation for the past few weeks London’s Westmount Shopping Centre has new ownership and a new management company.

An online statement from Mccor Management says its new owners believe Westmount is placed to provide “a great re-positioning opportunity to create a vibrant mixed-use development."

Westmount has had a tough go for much of the past two decades.

Born as a one level neighbourhood mall in the 1970s it ballooned in the late 80's adding a second floor movie theatres and additional retail space.

By the new century the big box boom hurt the centre and tenants fled forcing the mall to partially convert into to a medical hub.

More recently a portion of Westmount was torn down a target failed and just last month its last anchor store, Sears, closed.

The new owners of the mall are Kingsett Real Estate Growth andCorpfin Capital Acquisition fund.

The mall was previously owned by Bentall-Kennedy.

It has nearly 540-thousand feet of space.