Anthem Sells 3 B.C. Retail Centres As Condo Slump Squeezes Cash
Anthem Properties is selling shopping centres to help weather Vancouver’s struggling condominium market, with three more B.C. retail properties changing hands as the developer works to strengthen its finances.
In a Nov. 5 letter to stakeholders, CEO Eric Carlson acknowledged that unsold condominiums are taking longer to sell and fetching lower prices, forcing Anthem to find other sources of liquidity.
“To carry our Vancouver condo inventory through a slow market, we issued corporate debt and sold some income properties,” Carlson wrote.
The latest dispositions include three open-air retail centres totalling 211K SF, according to CBRE Vancouver, which brokered the transactions.
The portfolio includes two Surrey properties: the 114K-SF Newton Town Centre at 13790 72nd Ave., anchored by Chalo FreshCo, and the 68K-SF Brick Yard Station at 17433 56th Ave. The third is Governor’s Market, a 29K-SF retail centre anchored by Rexall at 2231 Louie Dr. in West Kelowna.
CBRE listed the completed sales in transaction records dated Oct. 22. Neither the buyer nor purchase prices were disclosed.
The sales come as Anthem manages a substantial development pipeline despite the market slowdown. The company renewed $1.4B in existing debt and arranged $1.45B in new borrowing during 2026, while continuing construction on 4,130 homes and 814K SF of commercial space.
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