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Sears & Ivanhoé to sell interest in Kildonan Place

August 07, 2014 (Canada)

Ivanhoé Cambridge and Sears Canada Inc. announced that they have entered into an agreement for the sale of their interests in Kildonan Place, a shopping centre located in Winnipeg.

Both Ivanhoé Cambridge's 80% ownership interest and Sears 20% ownership interest in the property are to be sold for total pre-tax consideration of $138.5 million, $110.8 million being Ivanhoé Cambridge's share and $27.7 million being Sears Canada's share.

The purchaser is H&R Real Estate Investment Trust, who intends to assign an undivided 50% interest to Montez Income Properties Corporation prior to closing. Primaris Retail REIT, a wholly-owned subsidiary of H&R REIT, will manage the property. The transaction is expected to close on September 17, 2014.

Commenting on the acquisition, Primaris' Chief Operating Officer, Patrick Sullivan, said, "We are pleased to increase Primaris' portfolio in the Winnipeg market with the acquisition of Kildonan Place. The acquisition of this shopping centre is part of our defined property strategy to own properties dominant in their trade area throughout Canada. This is our niche and we excel at managing, leasing and developing this type of property".

Arthur Lloyd, Ivanhoé Cambridge's Executive Vice President, Global Investments commented: "The freed-up capital from this transaction will allow us to strengthen our Canadian retail portfolio, including our Mills and Outlet Collection retail development projects across the country."

"Sears will continue to operate its department store at Kildonan Place," said Douglas C. Campbell, President and Chief Executive Officer, Sears Canada Inc. "This transaction will have no effect on associates employed at the store, or on the operation of the store which will continue to serve the residents of Winnipeg and surrounding area as it has proudly done for nearly 35 years since its opening in 1980."


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