The Caisse de dépôt et placement du Québec’s real estate division, Ivanhoé Cambridge, and the CPP Investment Board (CPPIB) have created a new Canadian regional mall joint venture.
Ivanhoé Cambridge will purchase a 50% interest in Carrefour de l’Estrie, the largest shopping centre in Quebec’s Eastern Townships region, from the CPPIB.
Financial terms of the deal were not disclosed.
The CPPIB will continue to own 50% of the shopping centre, and Ivanhoé Cambridge will manage the property.
“We are very pleased to be expanding into the region of Sherbrooke, Que.,” says Claude Sirois, IvanhoIvanhoé Cambridge’s co-chief operating officer and executive vice-president, Quebec. “We look forward to building on this relationship with the CPPIB and working together on other projects of mutual interest.”
The mall, which is 1.2 million square feet, has 200 retail locations, employs 2,500 people and attracts 150,000 visitors per week.
Related articles: