$102 Million invested into Southcentre Mall Redevelopment

Shopping retail outlet to become the comfort shopping destination in

Calgary

CALGARY, Oct. 30 /CNW/ - Calgary's Southcentre Mall, co-owned and managed by Ivanhoe Cambridge, announced today details of its $102 million redevelopment at a groundbreaking event. The project, which will renovate and add some 35,000 square feet of retail space to the centre, will also welcome Crate & Barrel and Restoration Hardware to the Calgary market. Interior renovations have already begun and the entire project is expected to be completed by July 2010.

"Southcentre is one of Ivanhoe Cambridge's flagship properties in Western Canada. As part of our business strategy, we are committed to investing in our shopping destinations on a continuous basis in order to provide one-of-a-kind shopping experiences to customers and ideal operating environments to retailers," says Roman Drohomirecki, Senior Vice President, Western Region (Canada) for Ivanhoe Cambridge.

Project to reinforce Southcentre's position as the comfort-shopping destination in Calgary

The project will bring both interior and exterior improvements to the centre including the relocation and renovation of the food court, a new Customer Service Centre and themed zones - a Kid Zone for children to play in, a Sport Zone for sports enthusiasts to stop and catch up on highlights from the game and a Tranquility Zone for shoppers looking to take a peaceful break. Southcentre also leads the way with its innovative ideas to meet the changing and diverse needs of the community and its customers. As such, distinctive additions have been planned including strollers with children's programming, more comfortable soft seating areas and a community space for public use.

"Southcentre understands that shopping needs are changing. We want to ensure we meet and even surpass those needs by providing a comfortable and highly enjoyable experience," says Shawn Hanson, General Manager, Southcentre. "Southcentre staff and retailers are very excited about this project. Every effort will be made to minimize inconvenience to shoppers and retailers throughout the project."

Crate & Barrel and Restoration Hardware to debut at Southcentre

Illinois-based Crate & Barrel will be bringing Calgarians its celebrated selection of housewares, furniture (indoor and out) and home accessories in an approximately 30,000 square-foot location at Southcentre, scheduled to open in mid 2009.

"Crate & Barrel is excited that Southcentre will be home to our first store in Western Canada," says Carol Sapoznik, Regional Vice President, East Coast from Crate & Barrel. "Like the city of Calgary, Crate & Barrel has experienced tremendous growth and we're looking forward to expanding our family at Southcentre."

Also joining Southcentre is California-based Restoration Hardware, a specialty retailer of high-quality home furnishings, bath fixtures and bathware, functional and decorative hardware, gifts and related merchandise which will occupy approximately 11,000 square-feet.

"This will be Restoration Hardware's first store in Alberta. We are excited to share our commitment and passion for premium home furnishings with Calgarians at Southcentre," says DeMonty Price, Senior Vice President of Stores from Restoration Hardware. "Southcentre's commitment to quality and comfort for their shoppers was instrumental in our decision to locate at Southcentre. We're looking forward to our opening in late 2008."

About Southcentre

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Southcentre is a family focused shopping destination with a strong mix of top national, regional and local fashion, children's, and jewelry retailers combined with an array of services and eating establishments. Southcentre has the advantage of being located in Canada's wealthiest province that has the strongest GDP growth in the country and in a city boasting a strong and vibrant economy. Southcentre is situated on a major traffic artery (MacLeod Trail and Anderson Road) and is easily accessible from all parts of the city and outlying rural areas. Marquee retailers including Aritzia, GAP, Tristan, Guess, BCBG, Gymboree, American Eagle, Brown's Shoes, Children's Place, Lululemon, Thomas Jeffery and Blu's Women's Wear further enhance the centre's appeal and dominant draw. Perfectly positioned as the comfort shopping destination in Calgary, Southcentre prides itself on delivering an enjoyable shopping environment and superior customer service to shoppers, retailers and community partners by making their experience easier and continually exceeding customers' expectations.

About Ivanhoe Cambridge

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Ivanhoe Cambridge is a pre-eminent Canadian-based global property owner, manager, developer and investor, focusing on high-quality shopping centres located in urban areas. Beyond its strong Canada-wide presence, the Company is also active in the United States, Brazil and Europe, where it owns a number of properties either by itself or through joint ventures with prominent real estate partners. Abroad, Ivanhoe Cambridge also holds interest in several shopping centre development and management companies and maintains offices in Europe and Asia.

Its real estate portfolio consists of almost 46 million square feet of retail space and includes some 70 regional and super-regional shopping centres. As at December 31, 2006, the market value of Ivanhoe Cambridge's assets reached CAD $12.2 billion.

Headquartered in Montreal, Quebec, Canada, Ivanhoe Cambridge is a principal real estate subsidiary of the Caisse de dépôt et placement du Québec, one of the largest institutional fund managers in Canada. Amongst its shareholders, the Company also counts four prominent Canadian pension funds. The Company's Internet address is www.ivanhoecambridge.com.

SOURCE SOUTHCENTRE MALL

For further information: For further information: Krista Moroz, Public and Community Relations Manager, Southcentre, kmoroz@ivanhoecambridge.com, (403) 225-5348 (w), (403) 462-6782 (c)


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