Ivanhoé Cambridge and Cominar Real Estate Investment Trust has completed a $1.24 billion sale of 14 properties.
Cominar acquired Ivanhoé Cambridge’s interests in 10 shopping centers, three office buildings and one industrial property. The sale was first announced on August 26.
Daniel Fournier, Ivanhoé Cambridge’s Chairman and Chief Executive Officer, said:
“This transaction is a key element in the implementation of our business plan which calls for the strategic refocusing of our investments,”
“The capital generated by this transaction can be recycled to invest in our properties in Quebec and across Canada, and our investment in Cominar allows us to support a leading Quebec company that has the necessary expertise to ensure the success of these properties.” Mr. Fournier added: “I am pleased that the vast majority of the employees affected by this transaction have been able to keep their jobs and I want to thank all those who are leaving us today for their loyalty and their commitment and wish them the very best of success.”
119 Ivanhoé have been transferred to Cominar and 60 jobs have been eliminated, with 42 of the job cuts occurring at the company’s head office in Montreal.
Ivanhoé said that the cuts were made because “they became non-essential following recent transactions, or as part of organizational adjustments made in various sectors of the Company, or because of voluntary departures and retirements.”
The properties that were sold include:
- 55 University Avenue (Toronto, Ontario)
- 3055 boul Saint-Martin Ouest (Laval, Quebec)
- Carrefour Frontenac (Thetford Mines, Quebec)
- Carrefour Rimouski (Rimouski, Quebec)
- Carrefour Saint-Georges (Saint-Georges, Quebec)
- Centre Commercial Rivière-du-Loup (Rivière-du-Loup, Quebec)
- Centropolis (Laval, Quebec)
- Dixie Outlet Mall (Mississauga, Ontario)
- Édifice de la Haute-Ville (Quebec City, Quebec)
- Galeries Rive-Nord (Repentigny, Quebec)
- Le 505 Parc Technologique (Quebec City, Quebec)
- Les Galeries de Hull (Gatineau, Quebec)
- Les Rivières (Trois-Rivières, Quebec)
- Mail Champlain (Brossard, Quebec)