Band buys malls

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The Hobbema-owned Kiseputinow Holdings Ltd. purchased four malls in November in an effort to protect the reserve's economic future.

The investment is added security for the Louis Bull band (the owner of Kiseputinow Holdings) and will ensure economic stability will be maintained if their natural resources dry up.

"Since we all know oil is a depleting commodity ? it is therefore prudent for the band to diversify now," said Greg Berry, Kiseputinow general manager.

The oil rich band purchased more than 100,000 square feet of mall space from former owner Devco Properties Inc. in a package deal for the malls for an undisclosed amount of money. The malls are located at Hanna, Innisfail, Blairmore and Cardston.

Although "it's too soon to tell," says Berry, the chief and council are confident the malls will be an economic success the band can fall back on in the future. "We getting a pretty good response from retailers," he explained, noting most of the mall space has been leased.

For example, the 30,000 square-foot Cardston Mall "only has two bays (1,000 square feet) vacant," added Berry, who expects store owners to "fill up" the malls by February.

Kiseputinow Holdings now owns more than 75 quarter sections (about 20 square miles) of real estate in Alberta and is adding this latest venture to the numerous apartment complexes and warehouses that it already owns.

Berry says the band has an aggressive advertising campaign planned to market the malls. The only change he sees for the shopping centres is to "make sure they're attractive and well-managed, and perhaps upgraded.

"We have good things planned and we make sure that we take care of our tenants in the best way possible. After all, it's in our best interest."