Ivanhoé Cambridge is selling a Canadian property portfolio for CAD1.53bn (€1.03bn) as part of a move away from direct ownership of commercial real estate.
The real estate subsidiary of the Caisse de dépôt et placement du Québec (CDPQ) is selling the portfolio to Cominar and, as part of the deal, will become the largest unitholder in the Canadian REIT, acquiring CAD250m in new units and for a 8.5% stake.
The portfolio will increase Cominar’s assets under management by 25% to CAD8.1bn. It portfolio includes 11 shopping centres, three offices and one industrial property in Quebec and Ontario.
Otéra Capital, a subsidiary of CDPQ, has provided CAD250m of finance, Cominar said, with National Bank of Canada and Bank of Montreal granting bridge loan facilities of up to CAD950m.
Ivanhoé Cambridge chairman and chief executive Daniel Fournier said the sale was a “key milestone” in the implementation of its business plan for the commercial sector, with a “more strategic focus on super-regional shopping centres”.
In Europe, Ivanhoé Cambridge’s Point Park Properties (P3) has been increasing its investment in the logistics sector, buying portfolios in both the Czech Republic and Italy. P3 was bought by Ivanhoé in a joint venture with TPG last year.