Ivanhoé Cambridge acquires 50% interest in Carrefour de l'Estrie in
Sherbrooke through a joint venture with CPPIB
Ivanhoé Cambridge becomes the property's operating manager
SHERBROOKE, QC, July 29, 2013 /CNW Telbec/ - Ivanhoé Cambridge continues to
execute its investment plan for Quebec with the acquisition of a 50% interest
in Carrefour de l'Estrie, the largest shopping centre in Quebec's Eastern
Townships region. This interest has been acquired from the Canada Pension Plan
Investment Board (CPPIB) which will continue to own 50% of the shopping
centre. This transaction represents a new Canadian regional mall joint venture
formed by the two companies.
Under the terms of the agreement, Ivanhoé Cambridge will manage the property.
Carrefour de l'Estrie is a popular gathering place for residents throughout
the region, and has an occupancy rate of 98%. With a number of anchor tenants
and several large lots laid out in "island" configurations, the centre
attracts more than 150,000 visitors per week to its 200 retailers. A new
Target store will be added to the wide range of retailers and renovations to
the food court are under way. Both will be ready in the fall of 2013.
"We are very pleased to be expanding into the region of Sherbrooke, Quebec,"
remarked Claude Sirois, Co-Chief Operating Officer and Executive
Vice-President, Quebec, Ivanhoé Cambridge, adding: "This off-market
acquisition is aligned with our plan to invest in strategic assets in Quebec
over the years to come. We look forward to building on this relationship with
CPPIB and working together on other projects of mutual interest."
About Carrefour de l'Estrie
Located at the junction of Highway 410 and Portland Boulevard in Sherbrooke,
Carrefour de l'Estrie boasts 200 retail locations, employs 2,500 people and
attracts 150,000 visitors per week. With a total floor area of 1.2 million
square feet, it is the largest shopping centre in the Eastern Townships region
of Quebec. Anchor retailers include The Bay, Simons, Pharmaprix, Sears, Super
C, Sports Experts and Toys R Us, with Target set to open soon.
About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that leverages its
high-level expertise in all aspects of real estate including investment,
development, asset management, leasing and operations, to deliver an optimal
return for its investors. Through its multiple subsidiaries, its assets in
more than 20 countries were valued at over Cdn$35billion as at December 31,
2012. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt
et placement du Québec (lacaisse.com), one of Canada's leading institutional
fund managers. For more information, visit ivanhoecambridge.com.
Sébastien Théberge firstname.lastname@example.org Media
Image with caption: "Ivanhoé Cambridge acquires 50% interest in Carrefour de
l'Estrie in Sherbrooke, Quebec, through a joint venture with Canada Pension
Plan Investment Board. (CNW Group/Ivanhoé Cambridge)". Image available at:
SOURCE: Ivanhoé Cambridge
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-0- Jul/29/2013 12:00 GMT
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