A subsidiary of the Caisse de dƩpƓt, IvanhoƩ 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 āone of the largest transactions that IvanhoĆ© Cambridge has carried out in the shopping center sector in recent years,ā the seller noted in a press release.
IvanhoĆ© 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 dƩpƓt 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 IvanhoƩ Cambridge.