By The Canadian Press
The real estate company will invest $508 million to buy out its partner in the mall and in three other Canadian shopping centres.
[MONTREAL, QC] — Ivanhoe Cambridge will invest $508 million to buy out its partner in four Canadian shopping centres, including Mic Mac Mall in Dartmouth.
The other shopping centres are located in the province of Quebec and British Columbia.
The transaction with German asset manager Commerz Real will leave Ivanhoe Cambridge as the sole owner of the properties.
Ivanhoe Cambridge is an arm of Quebec's Caisse de depot retirement fund manager. It has interests in 38 shopping centres across Canada.
The two Quebec properties included in the deal are Place Ste-Foy in Quebec City and Galeries Rive Nord in Repentigny.
In British Columbia, Ivanhoe Cambridge becomes sole owner of the Mayfair Shopping Centre in Victoria.