International Centre sold

MISSISSAUGA, Ontario – The International Centre, home to the Canadian Furniture and the Canadian Gift Show, has changed hands, according to a memo sent to tenants of its SOFA (Source of Furniture and Accessories) annex by Michael Prescott, the facility’s chief executive officer.

The facility was sold to the Rice Group, a Canadian-owned investment company specialising in commercial real estate development and management based in Gormley, Ontario. The terms of the deal were not disclosed. A closing date was not announced.

The building had been in private hands before the sale.

"The new owner looks for investments that have a proven track record, create economic activity, employment, and provide an opportunity for long-term growth. The International Centre and our design centre meet all those objectives,” Prescott said in his note. “The existing management team and staff will remain in place with the full support of the Rice Group.

‘Rice Group is very excited and ready to continue the momentum we’ve started at our design centre and is looking forward to supporting our tenants, their brands and their businesses. While it will be business as usual, we are excited to move forward with the many projects and initiatives that are in the works for 2018,” he continued.

The International Centre has some 500,000 square feet of exhibit space as well as a 48,000 square foot conference centre. Its SOFA annex hosts a number of permanent furniture and major appliance showrooms, including: Canadel, Artage International, Zuo Canada, Elran and Van Gogh Designs as well as Distinctive Appliances and Fisher & Paykel.

The facility is host to the Canadian Furniture Show, which will be held there from May 25 to 27, 2018. The winter edition of the Toronto Gift Fair, which is organised by the Canadian Gift Association, will run from January 28 to February 1, 2018.

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