The purchase from Prime Retail marks TGS Properties' first US acquisition. TGS holds a 60% interest in the venture with former TCE LLC of Colorado, which has initiated the expansion of the TGS real estate portfolio into the northwestern US. Silverthorne Mall is located 65 miles west of Denver, along the main artery from Denver to Vail, Breckenridge and Keystone, three of Colorado's most popular ski resort areas.

The retail factory outlet mall is currently 88% leased. It had been built in three phases in 1998, 1993 and 1995. It is divided between three "campuses" on 27 acres. National tenants include Eddie Bauer, The Gap, Liz Claiborne, Tommy Hilfiger, Anne Klein, Nike, Jones New York and Mikasa. The acquisition will give TGS a foothold in the Silverthorne-Dillion area, which is a growing mountain community. "Entering the US commercial real estate market, when conditions were favorable, has always been part of the TGS business plan, and the Silverthorne property is an outstanding opportunity as it offered a cap rate of over 12%," says Blair Richardson, TGS president, CEO & COO.

TGS' assets primarily are located throughout western Canada. The company specializes in the acquisition, development and management of office buildings, community malls and industrial warehouse-storage facilities in addition to holding one of the most strategic and valuable land developments in North America, the Three Sisters development located in the Alberta's Banff-Canmore area.