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Ivanhoé Sells $1.2B Portfolio To Cominar REIT


Ivanhoé Cambridge has completed the $1.24B sale of a portfolio of 10 shopping centres, three office buildings and one industrial property to Cominar Real Estate Investment Trust. The deal is part of Ivanhoe's “strategic refocusing" of its investments in its super-regional shopping centres, says chairman and CEO Daniel Fournier. Properties sold as part of the portfolio include the 55 University Avenue office tower in Toronto (shown above) and Dixie Outlet Mall in Mississauga. The remainder of the sites are in Quebec. Ivanhoe also has become owner of 8.4% of Cominar’s trust units, worth $250M, making it Cominar’s largest unit-holder, “which attests to our confidence” in the REIT, Daniel notes.