Ivanhoé Cambridge has sold its remaining 50% interest in two shopping centers based in Ontario at a price of C$240m.
The Healthcare of Ontario Pension Plan obtained Devonshire Mall, Windsor and Quinte Mall, Belleville for this price. The centers were constructed between 1970 and 1971. Each hold in excess of 100 tenants and has occupancy rates of between 96% and 98%. The Quinte Mall offers space of 628476 sq ft, and the Devonshire Mall 1084817 sq ft.
Stephen Taylor, the vice president of HOOPP Real Estate, said these acquisitions are in line with the group’s mall-owning strategies and will offer stable returns to its members.
The deal provides for 20 Ivanhoé Cambridge to continue employment with the properties’ manager for HOOPP, 20Vic.
Ivanhoé Cambridge is the real estate subsidiary of a top institutional fund manager within Canada and has been selling some of its retail assets over the past year in a bid to reposition its Canadian portfolio.
The subsidiary opened its first Outlet Collection at Niagara-on-the-Lake in Ontario during May last year. This 520000ft² center houses 102 retailers. The company, along with Edmonton International Airport, Alberta, has revealed plans for the development of an Outlet Collection at the airport. A 385000ft² Outlet Collection is scheduled to open during 2017 at Winnipeg, Manitoba.
Ivanhoe Cambridge disposed of 14 properties in Ontario and Quebec during 2014 to Cominar Real Estate Investment Trust at a cost of $1.2bn. This sale consisted of 10 retail, one industrial; one mixed use and three office properties, offering 5.7 million square feet of lettable space.
The company’s portfolio is spread across Canada, Brazil, Asia, Europe and the US, and is spread across multi-family, office and retail properties. The firm began construction on a mixed-use project in San Francisco on Thursday. The company confirmed that, along with a partner, Veritas Investments Inc., it had obtained 11 multi-family properties for a figure in excess of $190m, which has boosted their holdings within San Francisco to 20 apartment blocks, containing almost 600 units.