The 50/50 joint venture includes Sterling, a publicly traded retail REIT, and an affiliate of John van Haastrecht. Haastrecht is the former president and CEO of both Morguard REIT and Devan Properties Ltd. In 1999, Devan Properties Ltd. sold all of its assets to Morguard REIT.

The purchase price was partially satisfied with a $42.6 million loan. Sterling Vanreal plans to enhance the net operating income of Bower Place through a combination of redevelopment and re-merchandising, and the lease-up of currently available space. Sterling officials could not immediately be reached for comment on the current occupancy of the mall, the name of the seller, the name of the lender and the mall's average sales per sf.

In announcing the acquisition, Sterling's Co-Chairman/Co-CEO John Preston described Bower Place as central Alberta's "dominant regional center, strategically located on the south side of Red Deer in the city's strongest commercial node."