Edmonton City Centre Inc., Receivership

Edmonton City Centre Inc., which owns Edmonton City Centre mall and three attached office towers, was placed into receivership on July 7 on application by Otéra Capital Inc., owed approximately $140 million.

Otéra initially extended credit facilities to the company in 2019.

Edmonton City Centre mall has faced key closures in recent years, including Hudson’s Bay in 2020, Coles in 2022 and Sport Chek in 2023.

In December 2024, Edmonton City Centre defaulted on its payment obligations under the loans. Otéra agreed to forbear until July 1, 2025, provided certain conditions were met. Edmonton City Centre was unable to fund necessary maintenance and defaulted on the forbearance agreement, causing Otéra to demand payment.

PwC is the receiver.

Counsel is Norton Rose Fulbright for Otéra.