Porto Velho Shopping, located in northwestern Brazil, celebrated its grand opening in style this morning. The centre is co-owned by Ivanhoe Cambridge and Brazilian-based Ancar Ivanhoe. Ancar Ivanhoe was in charge of development activities and will assume management of the centre.
“We are pursuing our geographical diversification strategy in Brazil, a promising market with excellent potential for growth. Porto Velho Shopping is a high-quality centre that will help us step up our presence in that country, where we are now a key player in the shopper centre industry through Ancar Ivanhoe, our partner in Brazil,” said René Tremblay, President and Chief Executive Officer of Ivanhoe Cambridge.
Scott Harris, Vice President, Business Development, Latin America, for Ivanhoe Cambridge, and Marcelo Carvalho, Co-President of Ancar Ivanhoe, attended the opening ceremonies, along with numerous local dignitaries and media representatives.
“With its diversified retail mix, movie theatre and restaurants, Porto Velho Shopping promises to be a hit with consumers. The centre will create some 2,000 jobs and contribute to local economic development,” said Mr. Carvalho.
All under one roof
With a leasable area of 312,160 square feet (29,000 m2), Porto Velho Shopping boasts a lineup of 140 retailers, including some 50 national chains and four anchors, a 600-seat food court, four restaurants and a five-screen movie theatre. It also features a Planet Park entertainment centre and a university campus.
In addition to Porto Velho Shopping, Ivanhoe Cambridge and Ancar Ivanhoe own interests in and/or manage 15 shopping centres in five areas of Brazil.
About Ivanhoe Cambridge
Ivanhoe Cambridge is a pre-eminent Canadian-based global property owner, manager, developer and investor, focusing on high-quality shopping centres located in urban areas. Beyond its strong Canada-wide presence, the Company is also active in the United States, Brazil, Mexico and Europe, where it owns a number of properties either by itself or through joint ventures with prominent real estate partners. Abroad, Ivanhoe Cambridge also holds interests in several shopping centre development and management companies and maintains offices in Europe and Asia.
Its real estate portfolio consists of more than 44 million square feet (4 million square metres) of retail space and includes some 70 regional and super-regional shopping centres. As at December 31, 2007, the market value of Ivanhoe Cambridge’s assets reached CAD $13.4 billion.
Headquartered in Montreal, Quebec, Canada, Ivanhoe Cambridge is a principal real estate subsidiary of the Caisse de dépôt et placement du Québec, one of the largest institutional fund managers in Canada. Amongst its shareholders, the Company also counts four prominent Canadian pension funds.
About Ancar Ivanhoe
Ancar Ivanhoe is a joint venture established in 2006 by Ancar, a Brazilian firm with more than 35 years of experience in the shopping industry, and Canadian-based international real estate company Ivanhoe Cambridge.
Currently, Ancar Ivanhoe owns a stake in and/or manages 15 shopping centres in five areas of Brazil. The malls owned by the company are Shopping Nova America, Botafogo Praia Shopping, Downtown, Shopping Interlagos, Center Vale Shopping, Shopping Conjunto Nacional, Iguatemi Porto Alegre, Natal Shopping, Pantanal Shopping and Porto Velho Shopping. The shopping centres under the management of Ancar Ivanhoe are Rio Design Barra, Rio Design Leblon, São Gonçalo Shopping, Shopping Metro Itaquera and Shopping Eldorado.