Ivanhoé Cambridge becomes the property's operating manager
SHERBROOKE, QC, July 29, 2013 /CNW Telbec/ - Ivanhoé Cambridge continues
to execute its investment plan for Quebec with the acquisition of a 50%
interest in Carrefour de l'Estrie, the largest shopping centre in
Quebec's Eastern Townships region. This interest has been acquired from
the Canada Pension Plan Investment Board (CPPIB) which will continue to
own 50% of the shopping centre. This transaction represents a new
Canadian regional mall joint venture formed by the two companies.
Under the terms of the agreement, Ivanhoé Cambridge will manage the
property. Carrefour de l'Estrie is a popular gathering place for
residents throughout the region, and has an occupancy rate of 98%. With
a number of anchor tenants and several large lots laid out in "island"
configurations, the centre attracts more than 150,000 visitors per week
to its 200 retailers. A new Target store will be added to the wide
range of retailers and renovations to the food court are under way.
Both will be ready in the fall of 2013.
"We are very pleased to be expanding into the region of Sherbrooke,
Quebec," remarked Claude Sirois, Co-Chief Operating Officer and
Executive Vice-President, Quebec, Ivanhoé Cambridge, adding: "This
off-market acquisition is aligned with our plan to invest in strategic
assets in Quebec over the years to come. We look forward to building on
this relationship with CPPIB and working together on other projects of
About Carrefour de l'Estrie
Located at the junction of Highway 410 and Portland Boulevard in
Sherbrooke, Carrefour de l'Estrie boasts 200 retail locations, employs
2,500 people and attracts 150,000 visitors per week. With a total floor
area of 1.2 million square feet, it is the largest shopping centre in
the Eastern Townships region of Quebec. Anchor retailers include The
Bay, Simons, Pharmaprix, Sears, Super C, Sports Experts and Toys R Us,
with Target set to open soon.
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 an optimal return for its investors. Through its multiple
subsidiaries, its assets in more than 20 countries were valued at over
Cdn$35 billion as at December 31, 2012. 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.
Image with caption: "Ivanhoé Cambridge acquires 50% interest in Carrefour de l'Estrie in Sherbrooke, Quebec, through a joint venture with Canada Pension Plan Investment Board. (CNW Group/Ivanhoé Cambridge)". Image available at: http://photos.newswire.ca/images/download/20130729_C2085_PHOTO_EN_29347.jpg
SOURCE: Ivanhoé Cambridge
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