Montréal, Canada – December 20, 2023 – Ivanhoé Cambridge (“IC”) announced today that it has syndicated a 49% stake of Vaughan Mills shopping centre to LaSalle Investment Management (“LaSalle”), as part of a syndication process. The 49% share represents one of the largest retail transactions Ivanhoé Cambridge has made over the past few years.
Per the syndication terms, Ivanhoé Cambridge and LaSalle will serve as co-owners, as IC will continue to act as asset manager in executing the property business plan.
We are thrilled to share the news of this enhanced partnership with LaSalle, a sophisticated player who will contribute to the continued success of this property”, said Annie Houle, Head of Canada at Ivanhoé Cambridge. “Vaughan Mills is a prominent shopping centre that has stood out over the past twenty years, highlighting the strength of retail”.
“We are pleased to continue to build a successful relationship with Ivanhoé Cambridge, a valued best-in-class global partner and real estate leader,” said Stephen Robertson, Head of Canada Transactions at LaSalle.
Stuart Sziklas, Senior Managing Director and Portfolio Manager at LaSalle, added, “Winning retail centres have remained quite resilient through cycles, and Vaughan Mills’ leasing and occupancy track record highlights its premier location and status in the market.”
Located in Vaughan, Ontario, Vaughan Mills is visited by over 13 million people annually. The shopping centre stands out thanks to its unique positioning, a distinctive 1.7 km, 1-level “race track”-style configuration, and its retail offering of both regular and outlet brands, with a strong focus on entertainment and leisure.
Vaughan Mills is 97% leased, with a significant mix of international and national brands. The shopping centre underwent an expansion in 2015 and is certified BOMA Best Platinum, the highest level for this program supporting smart and sustainable building operations worldwide.
CBRE Limited acted as real estate advisors and RBC Capital Markets Realty Inc. acted as financial advisors to Ivanhoé Cambridge.