Ivanhoé Cambridge, the real estate investment arm of the Caisse de dépôt et placement du Québec, has acquired 73.2% (with an option to acquire the remaining portion) of Shopping Golden Square, a shopping centre under development in the area of São Paulo, Brazil.
The real estate subsidiary is also set to begin the expansion of its Porto Velho, Brazil, shopping centre, opened in 2008 and developed with its Brazilian partner, Ancar Ivanhoe.
The two projects represent an investment of $132.8 million.
The Shopping Golden Square transaction is being carried out with Ancar Ivanhoe, which Ivanhoé Cambridge has partnered with on several other Brazil-based real estate investments, including Shopping Interlagos in São Paulo as well as Shopping Nova América, Downtown, Botafogo Praia Shopping and Boulevard Rio Iguatemi in Rio de Janeiro.
Ivanhoé Cambridge owns 11 other shopping centres in Brazil.