Ivanhoé Cambridge has made a further investment in one of Brazil’s main economic hubs, Rio de Janeiro, with the signing of an agreement to purchase an 88.5% interest in Shopping Center Boulevard Rio Iguatemi, at a cost of C$130 million. In so doing, the Quebec-based company is further strengthening its position in Brazil.
“This major investment will continue to enhance our presence in the shopping centre segment in Brazil, at a time of steady middle-class growth throughout the country,” said Claude Sirois, Senior Vice President, Emerging Markets. “Today, Ivanhoé Cambridge is extremely well positioned to meet the growing needs of consumers while continuing to increase the value of its properties.”
Shopping Center Boulevard Rio Iguatemi is located in downtown Rio de Janeiro. The gross leasable area is 26,000 m2 (280,000 sq.ft.) and the current occupancy rate is 97%.
The transaction will be carried out by Ancar Ivanhoe Shopping Centers (Ancar Ivanhoe). Ancar Ivanhoe enjoys an enviable reputation as a shopping centre manager with knowledgeable teams and quality services provided to retailers. The Brazilian affiliate will assume full management of Boulevard Rio Iguatemi.
The Ancar Ivanhoe partnership has led to several successful investments in Brazil, including the construction of Porto Velho Shopping in the city of the same name, Shopping Interlagos in São Paulo, as well as Shopping Nova América, Downtown and Botafogo Praia Shopping in Rio de Janeiro. Boulevard Rio Iguatemi is the 11th investment by Ancar Ivanhoe in Brazil.