Ivanhoe Cambridge, the Canadian owner, manager and developer of shopping centres in the US and Europe, announced today that it had completed the $988m (£529m) acquisition, from US REIT Mills Corporation, of the remaining 50% interest in centres in Glasgow and Ontario, and a 100% interest in one in Madrid
‘The acquisition of the Mills' interest in Vaughan Mills, St Enoch Centre in Glasgow and Madrid Xanadú is in line with Ivanhoe Cambridge's strategy to further enhance the quality of our portfolio of properties under management and diversify geographically by expanding our international activities, investments and networks,’ said René Tremblay, president and CEO of Ivanhoe.
All three properties are large centres ‘with significant value-added potential’, according to Ivanhoe, which remains committed to the redevelopment of St Enoch Centre.
In addition to its strong presence in Canada, the company owns retail properties in France, Poland, Germany, Spain and the UK. Its Madrid office oversees European investments and projects.
Vaughan Mills is a 1.2m sq ft (111,483 sq m) retail and entertainment destination in Vaughan, Ontario, just north of Toronto. It opened in November 2004 and was the first enclosed regional shopping centre to be built in Canada for more than 14 years.
St Enoch Centre features 715,000 sq ft (66,425 sq m) of retail and attracts 20 million visitors a year. Ivanhoe Cambridge has plans to redevelop the centre, which will involve adding 250,000 sq ft (23,226 sq m) of retail and leisure space and a mall refurbishment.
Madrid Xanadú, which opened in 2003, is 1.4m sq ft (130,063 sq m) and home to more than 220 shops. The centrepiece of the scheme is the only indoor snow facility in Spain.