CALGARY, Feb. 25 /CNW/ - Ivanhoe Cambridge, a pre-eminent Canadian-based global shopping centre owner, manager, and developer is proud to announce it has acquired Deerfoot Meadows in Calgary, from Heritage Partners. Ivanhoe Cambridge's acquisition of this premier shopping destination includes some 540,000 square feet (50,170 m(2)) of retail space already in operation and another 500,000 square feet (46,450 m(2)) to be developed.
"We are extremely pleased to have acquired such a high-quality shopping destination in this booming marketplace," said René Tremblay, President and Chief Executive Officer of Ivanhoe Cambridge. "This acquisition reflects our corporate strategy to continuously enhance the scope and quality of our portfolio. It also allows Ivanhoe Cambridge to leverage our considerable expertise in shopping centre development and management."
Deerfoot Meadows enjoys a premier location in Calgary, at the intersection of two major freeways and surrounded by high-density residential and commercial sectors. Anchor stores include Best Buy, Future Shop, Linens N' Things, Marks Work Warehouse, Michaels, Pier One and Sportcheck.
"With such a diverse and strong mix of retailers, Deerfoot Meadows provides consumers with a wonderful shopping destination in Calgary," explained Tremblay. "Deerfoot Meadows has been well designed and constructed by Ken Mariash of Heritage Partners and we are excited to apply our extensive industry knowledge, management and development expertise to maximize the performance of this best-in-class retail property."
Ivanhoe Cambridge will commence planning for the development lands immediately, with an expected completion in 2011. Heritage Partners remain owners of the "Bluffs" lands, adjacent to Deerfoot Meadows.
"Heritage Partners and Ivanhoe Cambridge have a strong collaborative relationship," said Ken Mariash, Managing Partner of Heritage Partners. "Ivanhoe Cambridge is a leader in retail development internationally and I am confident they will continue the great work we have done so far with Deerfoot Meadows. We will continue to collaborate together to ensure both of our projects are developed in a synergistic manner." Brookfield Financial advised Heritage Partners in the sale process.
About Ivanhoe Cambridge
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, Mexico, 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 44 million square feet of retail space and includes some 70 regional and super-regional shopping centres. As at December 31, 2007, the market value of Ivanhoe Cambridge's assets reached CAD $13.4 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.
About Deerfoot Meadows
Deerfoot Meadows, owned and managed by Ivanhoe Cambridge, is designed for shopping, dining and leisure. Located at the intersection of two major Calgary thoroughfares and surrounded by a dense residential and commercial area, Deerfoot Meadows is visited by 30 to 40 million shoppers annually. The retail base is diverse and includes Ikea, Best Buy, Future Shop, Linens N' Things, Marks Work Warehouse, Michaels, Pier One, Superstore, The Brick and Sportcheck. Deerfoot Meadows has 25 acres of undeveloped land that will equate to some 500,000 retail square feet (46,450 m(2)) once fully built.
SOURCE Ivanhoé Cambridge
For further information: For further information: Karissa Boley, Consultant, NATIONAL Public Relations, Tel: (403) 444-1486