MONTREAL, July 23 /CNW Telbec/ - Ivanhoe Cambridge, a Canadian-based
global shopping centre owner, manager, and developer, and Europolis, an
Austrian real estate fund manager, announce their acquisition of the Vremena
Goda shopping centre, located in Moscow, Russia.
Ivanhoe Cambridge has an interest of 60% and Europolis, an interest of
40% in Vremena Goda, a high-end shopping centre that opened its doors in
This is Ivanhoe Cambridge's first acquisition in this new, promising
market, which offers excellent growth prospects for investors.
"This transaction marks a new step in our strategy to grow and diversify
our Company. For us, it is also an excellent opportunity to gain a foothold in
the Russian market, which is the third most attractive market in the world for
retail commerce," declared René Tremblay, President and CEO of Ivanhoe
Cambridge. "We are pleased to be associated with Europolis, a well-known real
"This is now our third acquisition in Russia, since opening our regional
office in Moscow in 2006. Europolis is glad to have secured a 40% stake in
this outstanding shopping centre, which defines a new category in the European
retail market. Moreover, we are delighted to have Ivanhoe Cambridge as our
partner in this project, as it is one of the most recognized global shopping
centre companies," said Bernhard Mayer, CEO of Europolis Group.
The shopping centre will be managed by CB Richard Ellis (Russia) on
behalf of the partnership.
A distinctive retail mix
Located on the busy Kutuzovskiy Prospekt boulevard in Moscow, traveled by
nearly 225,000 vehicles every day, Vremena Goda is a high-end shopping centre
comprising many of the most prestigious international retailers such as
Chanel, Cartier, Lacoste, Hermès, Montblanc and Burberry, as well as a Porsche
dealership. It also houses a V.I.P. cinema complex, a Globus Gourmet epicurean
grocery, many of the top trendy restaurants, as well as a department store and
an entertainment area dedicated to children. Open since November 2007, it
offers over 150 retailers in 322,920 square feet (30,000 m2) of gross leasable
The centre's design, inspired by the seasons, gives it a unique and
distinctive character in the highly competitive Moscow market. The use of
natural light and rich materials also give it a special style that strengthens
its high-end positioning. One of its exterior walls, on which advertising is
broadcast using technology developed by Philips, makes it a real attraction.
The Vremena Goda shopping centre is the work of architect Vladimir Ionovich
Plotkin of the firm TPO Rezerv. Since its opening, the centre has enjoyed
Europolis (www.europolis.com) - founded in 1990 - has become one of the
most important real estate companies in the CEE. The European Bank for
Reconstruction and Development (EBRD), AXA Investment Managers Deutschland
GmbH and Union Investment Real Estate AG all hold shares in its portfolios,
which have been awarded many real estate prizes and are among the highest
quality projects in the region. The real estate portfolios managed by
Europolis currently include 40 properties in the Czech Republic, Hungary,
Poland, Croatia, Romania, Russia and Ukraine. The total value of the
portfolios managed (including capital commitment that has been stipulated by
contract) currently amounts to about (euro)2.3 billion. These commitments
should grow to around (euro)5 billion in the year 2012.
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, Brazil, Mexico 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 interests in
several shopping centre development and management companies and maintains
offices in Europe and Asia.
Its real estate portfolio consists of more than 44 million square feet
(4 million m2) 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 ((euro)8 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.
For further information:
For further information: Hélène-L. Brault, Director, Communications and
Public Affairs, Ivanhoe Cambridge, (514) 841-7791,
email@example.com; Alexander Bosak, Marketing Director, Europolis
Real Estate Asset Management GmbH, +43 (1) 319 72 00 - 301,