Home / Knowledge / News / Apparel/Garments / Sears & Ivanhoé to sell interest in Kildonan Place
Sears & Ivanhoé to sell interest in Kildonan Place
07
Aug '14
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."

Sears Canada


Must ReadView All

Courtesy: Fashion Revolution/Fashion Transparency Index

Apparel/Garments | On 23rd Apr 2018

Transparency helps in swiftly alerting brands

Disclosing key supplier, supply chain and operational information...

Japan’s clothing imports up 4% in fiscal 2017

Apparel/Garments | On 23rd Apr 2018

Japan’s clothing imports up 4% in fiscal 2017

Japan’s imports of clothing and accessories increased by 4 per cent...

Courtesy: Fashion Revolution/Fashion Transparency Index

Fashion | On 23rd Apr 2018

Top global fashion brands now more transparent

Fashion Revolution’s Fashion Transparency Index 2018 reveals Adidas...

Interviews View All

Top executives
Textile & apparel bodies

Textile industry would like to see inclusion of cotton yarn under MEIS and ...

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search