MONTREAL, Sept. 30, 2011 /CNW Telbec/ - Ivanhoé Cambridge and The
Cadillac Fairview Corporation Limited are pleased to announce that they
have entered into a 50/50 joint venture for the restructured and
consolidated ownership in Richmond Centre, a shopping centre located in
Richmond, British Columbia, in the suburb of Vancouver.
Prior to this agreement Richmond Centre existed as two separate
properties despite being physically connected; the North end was owned
and managed by Ivanhoé Cambridge and the South end was owned and
managed by Cadillac Fairview.
The newly combined shopping centre will be co-owned by Ivanhoé Cambridge
and Cadillac Fairview, with management, leasing and development of the
centre to be carried out by Cadillac Fairview.
"We are extremely pleased to have acquired such a high-profile shopping
destination in a dynamic market. This acquisition reflects Ivanhoé
Cambridge's strategy to continuously enhance the scope and quality of
its portfolio," said Kim McInnes, President, Global Operations.
"Cadillac Fairview is proud to build on the existing partnership we have
with Ivanhoé Cambridge. The success of our previous joint-venture
properties provides a solid foundation to grow and develop Richmond
Centre into an even stronger asset than it is today," said Ron
Wratschko, Executive Vice President, Operations, Cadillac Fairview.
The remaining four properties co-owned by Ivanhoé Cambridge and Cadillac
Fairview are as follows: Market Mall, Calgary, AB; Fairview Mall,
Toronto, ON; Fairview Pointe Claire, Pointe Claire, QC; and Galeries
d'Anjou, Montreal, QC.
About Richmond Centre
Richmond Centre is a 790,000-square foot shopping centre with a strong
retail mix and fashion offerings that appeal to consumers from Richmond
and surrounding communities. Richmond Centre is a market-dominant
shopping destination located on the busiest commercial strip in
Richmond, B.C., less than half an hour from downtown Vancouver. The
centre attracts over 12 million guests per year who visit its 200
stores and services.
About Ivanhoé Cambridge
Ivanhoé Cambridge is one of the 10 largest real estate companies in the
world. It is a leading Canadian-based global property owner, manager
and investor, with over CAD$30 billion of assets in the shopping
centre, office and multi-residential sectors in 24 countries as at
December 31, 2010. Headquartered in Montreal, Ivanhoé Cambridge is the
real estate subsidiary of the Caisse de dépôt et placement du Québec,
one of Canada's top institutional fund managers. For more information,
About Cadillac Fairview
The Cadillac Fairview Corporation Limited is one of North America's
largest investors, owners and managers of commercial real estate. For
more than 50 years Cadillac Fairview has been leading the way in
commercial real estate with innovative design, development and
Cadillac Fairview focuses on developing and managing high quality office
properties and regional shopping centres in Canada and the United
States, as well as international investments in real estate companies
and investment funds. With a portfolio valued at more than $19 billion,
Cadillac Fairview and its affiliates own and manage nearly 49 million
square feet of leasable space at 87 properties across North America,
including some of Canada's landmark developments, such as
Toronto-Dominion Centre, Toronto Eaton Centre, Pacific Centre and
Cadillac Fairview is wholly-owned by the Ontario Teachers' Pension Plan,
which invests to secure the retirement income of 295,000 active and
retired teachers in Ontario. For more information, please visit www.cadillacfairview.com.
SOURCE IVANHOE CAMBRIDGE
For further information:
Director, Public Relations
Tel. : 514 847-4171
Cell. : 514 467-1787