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In September 2015, Kiwi Property announced the purchase of Westgate Lifestyle, a shopping complex located in Westgate for $82.5 million. [4] It was also reported that they entered into a joint-venture with Tainui Group Holdings to own and manage 50% of The Base in Hamilton for $192.5 Million.
Westgate Resorts: Orlando, Florida: United States 28 [11] 13,500 [11] Shell Vacation Club Orlando, Florida: United States, Canada, Mexico 25 [12] 86,000 [12]
The population of Westgate is approximately 2/3 black and 1/3 white. Its residents enjoy a median family income estimated in 2009 at $58,376, significantly higher than the citywide median of $38,772. Only 8.6 percent of Westgate families lived on incomes below the poverty level, compared with a citywide average of 22.8 percent. [1]
The property was mortgaged by Aetna Casualty and Surety Co. of Hartford, Connecticut. Aetna later sold the mortgage to Unum Insurance Co. of America, Inc. of Portland, Maine. [1] Price Chopper closed in 1995, moving to Westgate Plaza, although it continued to pay rent for lease. [3] Unum began foreclosure on the mall in September, 1996. [1]
Until then flats had been confined to short-term unsaleable tenancies, with varying degrees of statutory rent protection and security of tenure. It was soon learned that freehold flats were an unsatisfactory form of ownership because it was not possible to impose essential maintenance requirements.
The company plans to re-develop many of its malls with high-rise apartments, including Westgate Mall in Ottawa. [15] By March 2018, when the company announced the RioCan Living Brand, it had 2,800 units planned in eight of its shopping centres. [16] In October 2017, the firm announced it would sell about $2 billion worth of properties by 2019.