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PURCHASE PRICE IS
ESTIMATED AT $16C0M

WEST VANCOUVER'’S Park Royal Shopping Centre has
been sold to an affiliate of the Vancouver-based Larco In-
vestments Lid. group of companies.

Gerald McGavin, chairman of
the board for British Pacific Pro-
perties Ltd., (BPPL) the Guinness
family company that owns the
shopping centre, said Tuesday
BPPL has finalized documents to
sell Park Royal to a subsidiary of
Jaffsons Properties Inc., which is
an affiliate company of Larco In-
vestments Ltd.

Jaffsons subsidiary, 167 Sail

View Ventures, will take over Park

Larco will have to
renegotiate rental
portions of the
lease with the
Indian band, which
had joined with
Intrawest
Properties Ltd. in
an unsuccessful bid
to purchase Park
Royal.

Royal through a purchase of
shares of BPPL's parent company,
Storrington Investment Co. Ltd.

But MeGavin said the deal will
not officially be closed until
January.

While neither side would release
the purchase price of Park Royal,
it has been estimated at close to
$160 million.

Initially 13 companies tendered
purchase bids for the multi-million
dollar West Vancouver property
through Burns Fry Lid., which wi
hired by BPPL to seek prospective
buyers for the shopping mall.

The Lareo affiliate was chosen
froma final group of four.

Lareo. through tts family of
companies, owns such properties
as the Courthouse West racquet
sport club (ermeniy the Park
Plaza Country Chibj). the Tians
Gate tennis club oon the North
Shore, the Arbulus Village Shopp-
ing Centre. the Delta Place Hotel
Gormerly the Mandarin) in’ Van-
cower, and the Westminster Quis
public market ar New
Westminster.

Ih promcapais, Ami Grd

Shae

Lalji, are North Shore residents.
Neither were available for com-
ment to press-time Tuesday.
McGavin said the Larco group
was chosen in part because of its
expertise in the shopping centre

business, developed through its
other shopping centre holdings.

“We wanted somebody in the
business,"” McGavin said, adding
that, with future expansion of the
Park Royal operation in mind, the
company was confident Larco
would “help the shopping centre
continue to be a real jewel for the
North Shore.”’

BPPL announced in July that it
would sell Park Royal after
Ireland's Guinness family decided
it did not want to commit the in-
vestment needed to develop and
expand the shopping centre and its
adjoining lands.

The Park Royal site includes the
shopping centre, which is appros-
imately 870,000 square feet, the
35,000) square-foot Lions Gate
Lanes bowling alley, the 30,000
square-foat Famous Players twin
theatres and the 138,000) square-
foo. Kapilano 100 building.

There is also potential for an
additional one-million square feet
of development on the southern
portion of the site.

The north side of Park Royal
sits on property owned by BPPL,
while the side south of Murine
Drive sits on Jand teased fron the
Squamish Indian Band.

Larco will have to renegotiate
rental portions of the lease with
the Indian band, which had joined
with Intrawest: Properties Ltd. in
an unsuccessful bid to) purchase
Park Royal.

The lease runs to the vear 2084,
at which time there is an option to
extend if for an additienal 40
years: the next rental review for
the property comes in 1994,

Park Roval was the first regional
shopping mall of its kind in
Cunada when it opencd Sepe. Tf,
19800 with a omer department
store anchor tenant, 20 additional
Shops and off-street parking tor
upproximately 780 vehicles.

frohas since grown too iaetude
three majer department stores, P90
shops and parking fer S000 che

oon

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NEWS photo Neil Lucente

TUE GODS were smniling on the Khaltsahhino Footrace Sunday as the sap turned en for one of the hig-
gest road races of the year. The fastest man of the day was North Vancouver's Jamie Catheurt with ce time
of 52:23. Cynthia Reid from Vietoria put in the best fime fer the women wilt » Race organizer Dave
Wony estimates 2,100 runners completed the 15-kilometre race whieh winds along a challenging route
trom Gleneagles Schoot ta Park Rosal. - ~e

SST EP EY rare EERE — ee