Company History

Gulf & Pacific Equities Corp. was incorporated under the laws of the Province of Alberta on April 8, 1998 and thereafter completed a public offering of common shares by prospectus dated June 26, 1998. 

The company acquires, manages and develops grocery-anchored shopping malls in rural centres in Alberta and British Columbia. The Company targets smaller, but rapidly growing hub communities that have hospital, high school, police station and retail/service infrastructure.  Management has consistently reinvested cash flow to improve and grow its portfolio of income properties.  

At the end of fiscal 2005, the company owns four cash flowing, well-located shopping centre assets. These properties were acquired at an average of $85 per square foot. The two largest properties accounting for approximately 90% of the company's property portfolio have recently been appraised at an average of $105 per square foot.  Management estimates the replacement costs of these properties approximate $150 per square foot.

In 2006, management entered into an agreement to purchase Tri-City Mall located in Cold Lake, Alberta for $13.3 million subject to a number of conditions.  This acquisition nearly doubles the size of G&P, one result of which is that administrative costs are expected to significantly decline as a percentage of revenue thereby offering investors excellent cash flow leverage.  The purchase of this property was negotiated in March at $81 per square foot and the property was appraised on May 31 at $85 per square foot.

In 2011, the Company sold Valley Centre Mall for $11 million.

Looking forward, the company has identified several other grocery anchored shopping centre acquisition candidates.  It has stated its intention to undertake other acquisitions with the objective of closing transactions every six to twelve months and to attain a critical mass of 1.0 million square feet of properties.