Date Closed

June 22, 2011

Lead Office

Toronto

Value

572.00 Million CAD

On June 22, 2011, Ivanhoe Cambridge completed its sale of Oakville Place, Burlington Mall, Tecumseh Mall, St. Albert Centre and Place Vertu to Primaris Retail REIT for an aggregate price of approximately C$572 million.

Oakville Place is a two-level enclosed regional shopping centre in Oakville, Ontario containing a net rentable area of approximately 455,000 square feet; it was built in 1981 and underwent extensive renovations and expansions in 2004 and 2008.

Burlington Mall is a 781,000 square foot single-level enclosed community shopping centre in Burlington, Ontario which opened in 1968 and underwent renovations and expansions in 2001, 2004 and 2006.

Tecumseh Mall is a 373,000 square foot single-level enclosed community shopping centre in Windsor, Ontario which was originally constructed in 1973 and renovated and expanded in 1986, 1999, 2001 and 2010.

St. Albert Centre is a 312,000 square foot single-level enclosed community shopping centre in St. Albert, Alberta which was originally constructed in 1980 and underwent interior renovations in 1995.

Place Vertu includes an 832,000 square foot single-level enclosed regional shopping centre of which 636,000 square feet is owned, and a 102,000 square foot nine-storey, Class ‘B’ office tower, in Montréal, Québec. The retail component of Place Vertu was originally constructed in 1975 with expansions and renovations taking place in 1984-1987, 1990 and 2007-2011. The office building was constructed in 1990 and has since undergone several major capital improvements.

The purchase price for Oakville Place was financed through a private placement, arranged by RBC Capital Markets, of C$115 million principal amount of first mortgage bonds with The Toronto-Dominion Bank, The Canada Life Assurance Company, London Life Insurance Company and Desjardins Financial Security Life Assurance Company.

A further portion of the purchase price was financed by a C$57.5 million bridge facility provided by Royal Bank of Canada, which shortly after closing was refinanced through a C$108.6 million first mortgage financing of Burlington Mall arranged by RBC Capital Markets with CIBC Mortgages Inc., Royal Bank of Canada, Industrial Alliance Insurance and Financial Services Inc. and Laurentian Bank of Canada.

Primaris Retail REIT, headquartered in Toronto Ontario, is an unincorporated, open-ended real estate investment trust.

Ivanhoe Cambridge, headquartered in Montreal, Quebec, is a property management and development company.

McCarthy Tétrault LLP represented Primaris Retail REIT, with a team led by Abraham Costin.