These measures will reduce their financial burden and contribute to support the Quebec economy
MONTREAL, March 19, 2020 /CNW Telbec/ - In these exceptional times, Ivanhoé Cambridge wants to contribute to the collective effort to support the Quebec economy, and will be deploying measures to alleviate the immediate financial pressure for its tenants in its Québec shopping centres. As such, Ivanhoé Cambridge announces that it will be granting a deferral of the rent payable by those tenants of its retail properties in Quebec, until a later date to be identified in the future, according to their respective situation, and for a period to be determined according to the evolution of the situation.
"We are implementing exceptional measures in order to respond to an exceptional situation. Each of us must do our part to support the well-being of our community and Ivanhoé Cambridge is united in solidarity with the difficult circumstances faced by many businesses, said Nathalie Palladitcheff, President and Chief Executive Officer, Ivanhoé Cambridge. " Our decisions are made with caution in these circumstances. The mitigating measures proposed today aim to alleviate the liquidity problems of the tenants of our shopping centers in Quebec and to support the economy of the province."
For the moment being, our shopping centers remain open, and we are deploying additional measures, in accordance with the recommendations of the Public Health Agency of Canada, to counter the spread of Covid-19. Ivanhoé Cambridge will continue to follow the development of this exceptional situation very closely.
About Ivanhoé Cambridge
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a long-term view to generate optimal, risk-adjusted returns. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint.
Vertically integrated in Canada, Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. Through subsidiaries and partnerships, the Company holds interests in more than 1,000 buildings, primarily in the residential, office, retail, industrial and logistics sectors. Ivanhoé Cambridge held C$64 billion in assets as at December 31, 2019, and is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpqcom), one of Canada's leading institutional fund managers. For more information: ivanhoecambridge.com
SOURCE Ivanhoé Cambridge Inc.
For further information: Ivanhoé Cambridge Public Affairs, Media Line: +1 866-456-3342, [email protected]