On July 4, 2000, Toronto-based Cadillac Fairview Corporation (Cadillac Fairview), one of North America’s largest investors, owners and managers of commercial real estate, completed a property exchange with Ivanhoe Inc., the real estate arm of the Caisse de dépôt et placement du Quebec.
The deal involved the sale of Cadillac Fairview’s 100 per cent interest in the Montreal Eaton Centre to Ivanhoe Inc. in exchange for Ivanhoe Inc.’s 32.5 per cent interest in super-regional shopping centres Le Carrefour Laval and Les Promenades St. Bruno. Located in the greater Montreal area, both super-regional shopping centres are prominent performers in the market. The purchase of Ivanhoe’s 32.5 per cent interest gives Cadillac Fairview 100 per cent ownership in the two shopping centres.
Juli Morrow and Ira Berg of Goodman Phillips & Vineberg in Toronto acted on behalf of Cadillac Fairview and were assisted by Ian Taylor and Sylvie Bouvette of the Montreal office of Borden Ladner Gervais LLP. Viateur Chenard and Valerie Mac-Seing of the Montreal office of Stikeman Elliott acted on behalf of Ivanhoe Inc. and Richard Clare of the Montreal office of Fasken Martineau Dumoulin LLP acted as title counsel on the Montreal Eaton Centre.