Ivanhoé Cambridge sells $1.5b shopping center and office portfolio
Ivanhoé Cambridge, the real estate subsidiary of the Caisse de dépôt et placement du Québec, has sold a portfolio of shopping centers and office buildings to Cominar REIT.
The total value of the transaction for Cominar is estimated at C$1.63 billion ($1.5 billion), including the ownership interests of Ivanhoé Cambridge’s joint venture partners in two of those properties. The share of the assets being sold by Ivanhoé Cambridge is $1.527 billion ($1.38 billion). The portfolio includes 11 shopping centers, three office buildings and one industrial property, all located in the provinces of Quebec and Ontario.
After the transaction, Ivanhoé Cambridge will own approximately 8.5 percent of Cominar’s units and will