Ivanhoé Cambridge and The Cadillac Fairview Corporation Limited are pleased to announce that they have entered into a 50/50 joint venture for the restructured and consolidated ownership in Richmond Centre, a shopping centre located in Richmond, British Columbia, in the suburb of Vancouver.
Prior to this agreement Richmond Centre existed as two separate properties despite being physically connected; the North end was owned and managed by Ivanhoé Cambridge and the South end was owned and managed by Cadillac Fairview.
The newly combined shopping centre will be co-owned by Ivanhoé Cambridge and Cadillac Fairview, with management, leasing and development of the centre to be carried out by Cadillac Fairview.
“We are extremely pleased to have acquired such a high-profile shopping destination in a dynamic market. This acquisition reflects Ivanhoé Cambridge’s strategy to continuously enhance the scope and quality of its portfolio,” said Kim McInnes, President, Global Operations.
“Cadillac Fairview is proud to build on the existing partnership we have with Ivanhoé Cambridge. The success of our previous joint-venture properties provides a solid foundation to grow and develop Richmond Centre into an even stronger asset than it is today,” said Ron Wratschko, Executive Vice President, Operations, Cadillac Fairview.
The remaining four properties co-owned by Ivanhoé Cambridge and Cadillac Fairview are as follows: Market Mall, Calgary, AB; Fairview Mall, Toronto, ON; Fairview Pointe Claire, Pointe Claire, QC; and Galeries d’Anjou, Montreal, QC.
About Richmond Centre
Richmond Centre is a 790,000-square foot shopping centre with a strong retail mix and fashion offerings that appeal to consumers from Richmond and surrounding communities. Richmond Centre is a market-dominant shopping destination located on the busiest commercial strip in Richmond, B.C., less than half an hour from downtown Vancouver. The centre attracts over 12 million guests per year who visit its 200 stores and services.
About Cadillac Fairview
The Cadillac Fairview Corporation Limited is one of North America's largest investors, owners and managers of commercial real estate. For more than 50 years Cadillac Fairview has been leading the way in commercial real estate with innovative design, development and management.
Cadillac Fairview focuses on developing and managing high quality office properties and regional shopping centres in Canada and the United States, as well as international investments in real estate companies and investment funds. With a portfolio valued at more than $19 billion, Cadillac Fairview and its affiliates own and manage nearly 49 million square feet of leasable space at 87 properties across North America, including some of Canada's landmark developments, such as Toronto-Dominion Centre, Toronto Eaton Centre, Pacific Centre and Chinook Centre.
Cadillac Fairview is wholly-owned by the Ontario Teachers' Pension Plan, which invests to secure the retirement income of 295,000 active and retired teachers in Ontario. For more information, please visit www.cadillacfairview.com