Ivanhoé Cambridge Inc. announced it has acquired the 50 per cent interest held by its partner, German asset manager Commerz Real Investmentgesellschaft mbH, in four prominent Canadian shopping centres.
This transaction makes Ivanhoé Cambridge Inc. sole owner of Place Ste Foy in Quebec City, Galeries Rive Nord in Repentigny, as well as Mayfair Shopping Centre in Victoria, British Columbia, and Mic Mac Mall located in Dartmouth, Nova Scotia.
This transaction increases Ivanhoé Cambridge's investment in these prime retail assets by $508 million dollars, including the assumption of $138 million of debt.
Ivanhoé Cambridge was represented by in-house counsels Denis Boulianne, Senior Director, Legal Affairs and Chantal Laporte, Director, Legal Affairs and by a team from Norton Rose Canada LLP led by Mario Caron assisted by Anna-Isabelle Morency-Botello and Marilyne Rougeau. Also part of the Norton Rose Canada team was Thierry Dorval (competition law); Derek Chiasson (tax) and Serge Levy (banking). Two partners of the Frankfurt office of Norton Rose LLP advised on German investment laws: Martin Krause and Thomas Hopf.
Commerz Real was represented by in-house counsel Dr. Klaus Waldherr and assisted by a team at Davies Ward Phillips & Vineberg LLP led by Gregory Howard assisted by Lori Sullivan and Gilles Comeau (corporate) and Mark Katz (competition).