IN-DEPTH: Ivanhoé Cambridge, Sears Canada sell interests in Canadian shopping center
Ivanhoé Cambridge and Sears Canada have agreed to sell their interests in Kildonan Place, a shopping center located in Winnipeg, Manitoba.
Both Ivanhoé Cambridge’s 80 percent ownership interest and Sears 20 percent ownership interest in the property are to be sold for total pre-tax consideration of $138.5 million, with $110.8 million going to Ivanhoé Cambridge and $27.7 million to Sears Canada.
The purchaser is H&R Real Estate Investment Trust, which intends to assign an undivided 50 percent interest to Montez Income Properties Corp. prior to closing. Primaris Retail REI