A subsidiary of the Caisse de dépôt, Ivanhoé Cambridge sold 49% of the Mills shopping center in Vaughan, a suburb of Toronto, to its partner LaSalle Investment Management earlier this week.
The price was not disclosed, but it represents “one of the largest transactions that Ivanhoé Cambridge has carried out in the shopping center sector in recent years,” the seller noted in a press release.
Ivanhoé Cambridge (IC) and LaSalle will be co-owners. IC will continue to act as asset manager in carrying out the shopping center’s business plan.
IC has tended to reduce its exposure to shopping centers for years.
Note that Caise de dépôt remains 100% owner of the other Mills center, CrossIron Mills, in Calgary. Vaughan Mills, focused on entertainment and leisure, attracts more than 13 million consumers annually. The occupancy rate stands at 97%.
RBC Real Estate Capital Markets acted as financial advisor to Ivanhoé Cambridge.
