TORONTO, Sept. 17, 2014 /CNW/ - Ivanhoé Cambridge and Sears Canada Inc.
(TSX: SCC) announced today that the transaction originally announced on
August 6, 2014, for the sale of their interests in Kildonan Place, a
shopping centre located in Winnipeg, has closed. The transaction, which
was subject to customary closing conditions, now fulfilled, was for
total pre-tax consideration of $138.5 million, with $110.8 million
being Ivanhoé Cambridge's 80% share and $27.7 million being Sears
Canada's 20% share. The purchasers are H&R Real Estate Investment
Trust and Montez Income Properties Corporation, each having an
undivided 50% interest.
Primaris Retail REIT, a wholly-owned subsidiary of H&R REIT, will manage
the property. Sears will continue to operate its department store at
Kildonan Place. This transaction will have no effect on associates
employed at the store, or on the operation of the store which will
continue to serve the residents of Winnipeg and surrounding area as it
has proudly done for nearly 35 years since its opening in 1980.
About H&R REIT
H&R REIT is Canada's largest diversified real estate investment trust
with a total capitalization of approximately $13.1 billion as at June
30, 2014. H&R REIT is a fully internalized REIT and has ownership
interests in a North American portfolio of high quality office, retail
and industrial properties comprising over 54 million square feet.
About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that leverages
its high-level expertise in all aspects of real estate including
investment, development, asset management, leasing and operations, to
deliver optimal returns for its investors. Its assets, held through
multiple subsidiaries and located mainly in Canada, the United States,
Europe, Brazil and Asia, totalled more than Cdn$40 billion as at
December 31, 2013. Its portfolio consists mainly of shopping centres,
office and multiresidential properties. 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 further information: ivanhoecambridge.com.
About Sears Canada
Sears Canada is a multi-channel retailer with a network that includes
176 corporate stores, 222 Hometown stores, over 1,300 catalogue and
online merchandise pick-up locations, 96 Sears Travel offices and a
nationwide repair and service network. The Company also publishes
Canada's most extensive general merchandise catalogue and offers
shopping online at www.sears.ca.
SOURCE: Sears Canada Inc.
For further information:
Contact for Media: Vincent Power
Sears Canada, Corporate Communications