German Fund Makes Major Investment in Canadian Regional Shopping Centres

On June 30, 2004, Ivanhoe Cambridge sold a 50 per cent ownership interest in six regional shopping centres and one office tower to Commerz Grundbesitz Investmentgesellschaft GmbH (CGI), one of the largest investment fund managers in Europe, with over $20 billion of assets under management. Ivanhoe Cambridge is one of the largest owners and managers of retail properties in Canada. The value of the transaction is undisclosed.

This transaction represented the purchaser’s first investment in Canada. The properties included in the transaction were Mayfair Shopping Centre (Victoria), Guildford Town Centre (Vancouver), Southcentre Mall and Executive Tower (Calgary), Galeries Rive Nord (Montreal), Place Ste-Foy (Quebec City) and Mic Mac Mall (Halifax). Ivanhoe Cambridge will continue to manage these properties.

Ivanhoe Cambridge was represented by a team from Stikeman Elliott that included Viateur Chénard, Robert Hogan, Érik Bégin, Susan Lloyd, John Dow, Sandra Walker and Jean Carrier.

CGI was represented by a team from Davies Ward Phillips & Vineberg that included Greg Howard, Jeffrey Lem, Kent Beattie, Lori Sullivan, Elise Sieradzki and Andrew Spurling in Toronto, and Bob Abrams, Alain Roberge and Joseph Jarjour in Montreal, as well as Mark Katz (competition) and Alexandria Pike (environmental).