Oxford and Ivanhoe Cambridge Buy Back Target Leases
Target Canada has reached an agreement with Ivanhoe Cambridge and Oxford Properties Group to return 11 of its Canadian locations to the shopping mall landlords. This includes Target properties at Square One Shopping Centre in Mississauga, Upper Canada Mall in Newmarket, Hillcrest Mall in Richmond Hill and Conestoga Mall in Waterloo. In an affidavit filed by Timothy Pohl, managing director of Lazard Frères & Co., advisers to Target Canada, the retailer said it achieved “premium pricing” in selling leases back to Ivanhoe and Oxford, and that holding onto properties any longer would be “unlikely to result in a higher and better offer,” only additional costs. The deal is subject to court approval.