Montreal-based Ivanhoe Cambridge has acquired Deerfoot Meadows in Calgary, from Heritage Partners. This acquisition includes some 540,000 square feet (50,170 m2) of retail space already in operation and another 500,000 square feet (46,450 m2) to be developed.
Deerfoot Meadows is located in Calgary at the intersection of two major freeways and surrounded by high-density residential and commercial sectors. Anchor stores include Best Buy, Future Shop, Linens N’ Things, Marks Work Warehouse, Michaels, Pier One and Sportcheck.
Ivanhoe Cambridge will commence planning for the development lands immediately, with an expected completion in 2011. Heritage Partners remain owners of the “Bluffs” lands, adjacent to Deerfoot Meadows.
Ivanhoe Cambridge is a principal real estate subsidiary of the Caisse de dpt et placement du Qubec, one of the largest institutional fund managers in Canada. It’s real estate portfolio consists of 44 million square feet of retail space and includes some 70 regional and super-regional shopping centres. As at December 31, 2007, the market value of Ivanhoe Cambridge’s assets reached CAD $13.4 billion.