MONTREAL, April 29 /CNW Telbec/ - Ivanhoe Cambridge Group, one of the
world's 10 largest real estate companies, has sold the interest held by
its office properties division (SITQ) in the office building located at
1515 Broadway, in New York, to its partner SL Green. At the time of the
transaction, the property was valued at US$ 1.2 billion.
"This transaction is squarely in line with Ivanhoe Cambridge Group's
business plan, which is to capitalize fully on developments in the real
estate industry and take advantage of cycles in various markets where
the Group holds assets," said Daniel Fournier, Chairman and Chief
Executive Officer of Ivanhoe Cambridge Group. "The sale of our interest
in 1515 Broadway will enable us to position the Group to seize
opportunities that arise over the short and medium term and make the
best decisions for our shareholders."
"We are very happy about the gains realized through the sale of this
property, given the positive market conditions in New York right now.
This transaction is consistent with our business model and frees up
additional funds to carry out major transactions. New York is an
important market for SITQ, and we hope to make more investments there
in the coming years," said William R.C. Tresham, President and Chief
Executive Office of SITQ.
1515 Broadway is a 1.75-million-square-foot (162,575 m2), 54-storey building located in the heart of Times Square. Key tenants
include Viacom International, Aéropostale, Oakley, MTV Studios and
Billabong. Prior to the sale, SITQ owned a 45% stake in the property,
which it had acquired in 2002.
About Ivanhoe Cambridge Group
Ivanhoe Cambridge Group, one of the world's 10 largest real estate
companies, is a prominent Canadian-based real estate owner, manager,
developer and investor with a portfolio covering three sectors:
shopping centres (Ivanhoe Cambridge), office properties (SITQ) and
residential buildings (Ivanhoe Cambridge Residential). The Group's
assets total more than CAD$30 billion and are present in 24 countries
around the world. Headquartered in Montréal, Québec, Ivanhoe Cambridge
Group is the real estate subsidiary of the Caisse de dépôt et placement
du Québec, one of Canada's leading institutional fund managers.
For further information:
Senior Advisor, Communications, Public Affairs and Marketing, SITQ
Ivanhoe Cambridge Group