MONTREAL, Aug. 2, 2012 /CNW Telbec/ - Ivanhoé Cambridge announces today it has purchased the 50% interest held by its partner, German asset manager Commerz Real, in the partnerships holding four prominent Canadian shopping centres. This transaction makes Ivanhoé Cambridge sole owner of Place Ste-Foy in Quebec City and Galeries Rive Nord in Repentigny, Quebec as well as Mayfair Shopping Centre in Victoria, British-Columbia, and Mic Mac Mall in Dartmouth, Nova Scotia.
"We are very pleased to increase our holdings in these prime retail assets," said Daniel Fournier, Chairman and Chief Executive Officer of Ivanhoé Cambridge. "Our $508-million investment, including the assumption of $138 million in debt, will further enhance our national retail shopping platform. Today's announcement fits our strategy to increase our critical mass in select markets."
Mr. Fournier added: "Our best returns on investment often come from properties in which we have been involved for many years. We know our customers and our retailers and we continually find new ways to serve them better. Place Ste-Foy, Galeries Rive Nord, Mayfair Shopping Centre and Mic Mac Mall are all situated in excellent locations and are key assets in their respective communities."
Ivanhoé Cambridge owns 38 shopping centers in six provinces across Canada, of which 16 are in Quebec (11 fully owned properties and at least a 50% interest in the other five), six are in British-Columbia (four fully owned properties and a 50% interest in the other two) and one fully owned property in Nova Scotia.
Place Ste-Foy, a premier shopping centre in Quebec City, underwent a major $50-million redevelopment and expansion in 2010. Ideally located on Laurier Boulevard, it is recognized as an upscale fashion destination.
Galeries Rive Nord
As the top shopping destination in the Lanaudière region, Galeries Rive Nord welcomes nearly 7.5 million visitors a year. The centre has more than 130 stores, including leading industry names and major retailers.
Mayfair Shopping Centre
Mayfair Shopping Centre, with more than 120 shops, is Vancouver Island's market leader and is recognized for its fashion flair. It offers a dynamic blend of national and regional retailers in an exciting environment for shoppers.
Mic Mac Mall
Mic Mac Mall serves the two-thirds of Nova Scotians living within a radius of 140 km. The centre provides an attractive and varied range of retailers specializing in fashion and lifestyle, as well as renowned department stores. It attracts more than six million visitors a year.
About Ivanhoé Cambridge
Ivanhoé Cambridge is one of the world's 10 largest real estate companies. As at December 31, 2011, its assets totalled more than $30 billion and could be found in over 20 countries around the world. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada's leading institutional fund managers. For more information, visit ivanhoecambridge.com.
SOURCE IVANHOE CAMBRIDGE