Owner of Edmonton City Centre Mall goes into receivership

The company that owns City Centre Mall in downtown Edmonton is in receivership, according to a court order issued Monday.

Edmonton City Centre Inc. also owns three attached office towers – TD Tower, Oxford Tower and Centre Point Place as well as building parkades – amounting to more than 1.4 million square feet in retail and office space.

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PricewaterhouseCoopers Inc. (PwC), an auditing and consulting service, is now in charge of all the assets formerly held by Edmonton City Centre Inc.

This means PwC can take possession and exercise control over City Centre and what becomes of it. Typically, a receiver is appointed to take possession of and sell or liquidate assets in order to repay an outstanding debt.

According to court documents, Montreal-based commercial real estate investor Otéra Capital Inc. submitted the application for receivership.