Transactions - AUGUST 6, 2014

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IN-DEPTH: Ivanhoé Cambridge, Sears Canada sell interests in Canadian shopping center

by Andrea Waitrovich

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

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