Mic Mac Mall part of transaction
Mic Mac Mall and several other major Canadian malls were part of an ownership acquisition announced Thursday by Ivanhoe Cambridge of Montreal.
Ivanhoe said it has purchased the 50 per cent interest in the malls held by its partner, German asset manager Commerz Real.
The transaction made Ivanhoe the sole owner of Mic Mac Mall, Place Ste. Foy in Quebec City, Galeries Rive Nord in Repentigny and Mayfair Shopping Centre in Victoria.
Ivanhoe described it as a $508-million investment, including the assumption of $138 million in debt.
“Mic Mac Mall serves the two-thirds of Nova Scotians who live within a radius of 140 kilometres,” the news release announcing the acquisition said.
“The centre provides an attractive and varied range of retailers specializing in fashion and lifestyle as well as renowned department stores.”
The news release said the Nova Scotia mall attracts more than six million visitors per year.