Transactions - OCTOBER 20, 2014

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Ivanhoé Cambridge sells Canadian asset for C$271m

by Andrea Waitrovich

Ivanhoé Cambridge has sold a Canadian shopping center for a purchase price of C$271.7 million ($241.35 million) in an all-cash deal to Cominar REIT.

Centre Rockland is a 649,174-square-foot enclosed shopping mall located in Mount-Royal, Quebec. Centre Rockland is occupied by 150 tenants and is 95.3 percent leased. An undisclosed third party, which had a right of first refusal on a sale of Centre Rockland, waived its right of first refusal. The 16 Ivanhoé Cambridge employees dedicated to Centre Rockland have been transferred to Cominar.

The asset is part of a 14-property portfolio sale between Ivanhoé Cambridge and Cominar REIT. The portfolio totals 5.2 million square feet, consists of one industrial asset, three office buildings and 10 retail properties in Ontario and Quebec. The total sales pri

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