Ivanhoe Cambridge, one of Canada's leading real estate firms, has acquired a 92.5% stake in the Dusseldorf Arcaden shopping centre project for an investment of EUR 173.5 mln. Construction of the mall began in October 2006 and it is due for completion in the autumn of 2008.
Ivanhoe Cambridge, one of Canada's leading real estate firms, has acquired a 92.5% stake in the Dusseldorf Arcaden shopping centre project for an investment of EUR 173.5 mln. Construction of the mall began in October 2006 and it is due for completion in the autumn of 2008.
Management fur Immobilien, Ivanhoe Cambridge's development and management partner in three other projects in Germany, will develop the Dusseldorf Arcaden for the joint partnership. The project is aimed at revitalizing obsolete inner-city industrial land. The centre will comprise 100 retail and service outlets and restaurants, as well as a district town hall, a community centre, a public swimming pool, apartments and a large park.
Ivanhoe Cambridge entered the German market at the end of 2005 and currently holds majority interests in shopping centre developments in Berlin, Leipzig, Zwickau, and now Dusseldorf. The company, which focuses on high-quality shopping centres in urban areas, reported a market value for its assets of CAD$9.3 bn (EUR 6.2 bn ) at the end of 2005.
