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

Textiles | On 24th Jan 2017

Textile industry demands relaxation of laws from Budget

The upcoming Union Budget 2017-18 should focus on relaxing certain...

President Donald Trump; Courtesy: White House

Textiles | On 24th Jan 2017

US sets ball rolling for withdrawal from TPP

President Donald Trump has set the ball rolling for withdrawal of the ...

Textiles | On 24th Jan 2017

Indian cotton consumption estimated at 290 lakh bales: CAI

The domestic consumption of cotton during the crop season 2016-17...

Interviews View All

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Suresh Patel
Sidwin Fabric

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

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Igor Chapurin
Chapurin

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search