Ivanhoé Cambridge announced that it will acquire the 50 per cent interest in Place Ville Marie held by certain clients of Alberta Investment Management Corp (AIMCo). This transaction, submitted to the federal Competition Bureau for approval, is valued at more than $400 million. The company is also pursuing the revitalization program of Place Ville Marie by planning new investments of more than $100M.
This transaction is the first part of Ivanhoé Cambridge’s ambitious broad plan to contribute to the dynamism of downtown Montréal. The plan includes additional major investments within the company’s real estate portfolio, the details of which will be revealed during the fall.
Place Ville Marie has its own shopping promenade, five towers and 150 tenants, and is directly linked to the underground metro network, to the intercity and suburban trains, as well as to the city’s pedestrian underground network. It is also known around the world for its cruciform architecture.
The value of the approved investments over the past 18 months has surpassed the $1 billion mark. “More than 50 years after it was built, Place Ville Marie still contributes to the city’s status and reputation as a world-class business centre,” said Claude Sirois, Co-COO and executive vice president, Quebec, Ivanhoé Cambridge. “We are also busy working to develop new projects to maintain Place Ville Marie’s leadership position in the office leasing market of downtown Montréal.”