IVANHOE CAMBRIDGE WILL WELCOME TARGET TO 14 SHOPPING CENTRES IN CANADA

MONTREAL, May 26, 2011 /CNW Telbec/ - Ivanhoe Cambridge announces that it has reached an agreement with Target Corporation (Target) according to which the U.S.-based retailer will assume the lease obligations for 14 Zellers stores located in its Canadian shopping centres.

"We are pleased to welcome Target in our properties. The arrival of this particularly innovative retailer in the Ivanhoe Cambridge portfolio not only confirms our position as an industry leader, but also our shopping centres' drawing power for international retailers. Target's retail offering perfectly complements our shopping centres' fashion-focused market positioning. Its arrival in our properties will undoubtedly help grow customer traffic even further, thus benefiting all of our retailers," said Claude Dion, Senior Vice President and Chief Operating Officer at Ivanhoe Cambridge.

Target will open stores at the following shopping centres:

  • Nova Scotia: Mic Mac Mall (Dartmouth)
  • Quebec: Carrefour St-Georges (Saint-Georges-de-Beauce), Carrefour Rimouski (Rimouski), Les Rivières (Trois-Rivières),  Place Laurier (Quebec City), Place Vertu (Montreal)
  • Ontario: Burlington Mall (Burlington), Bayshore Shopping Centre (Ottawa), Conestoga Mall (Waterloo), Devonshire Mall (Windsor)
  • Manitoba: Kildonan Place (Winnipeg)
  • Alberta: St. Albert Centre (St. Albert)
  • British Columbia: Oakridge Centre (Vancouver) and Metropolis at Metrotown (Burnaby)

For more information about Target Corporation, please visit www.target.com.

About Ivanhoe Cambridge
Ivanhoe Cambridge (www.ivanhoecambridge.com) 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 elsewhere in North America, Latin America, Europe and Asia, where it owns a number of properties either by itself or through joint ventures with prominent real estate partners. Abroad, Ivanhoe Cambridge also holds interests in several shopping centre development and management companies and maintains offices in Europe, Latin America and Asia.

Its real estate portfolio consists of more than 44 million square feet (4 million square metres) of retail space and includes 70 regional and super-regional shopping centres. As at December 31, 2010, the market value of Ivanhoe Cambridge's assets reached CAD$13.5 billion.

Headquartered in Montreal, Quebec, Canada, Ivanhoe Cambridge is part of Ivanhoe Cambridge Group, the real estate subsidiary of the Caisse de dépôt et placement du Québec. The Group's assets are spread across 24 countries, and as at December 31, 2010, their total market value exceeded CAD $30 billion.

SOURCE IVANHOE CAMBRIDGE

For further information:

Nancy Defoy
Senior Advisor
Communications and Public Affairs, Ivanhoe Cambridge
Tel.: 514-841-7792
ndefoy@ivanhoecambridge.com

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IVANHOE CAMBRIDGE

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