Commerz Real just sold its partnership interest in four shopping centers out of the hausInvest open-ended real estate fund to Canadian company Ivanhoé Cambridge.
Place Ste-Foy in Québec City is one of the properties sold.
The transaction involves the assets Mic Mac Mall in Halifax, Place Ste-Foy in Québec City, Galéries Rive Nord in Montréal, and the Mayfair Shopping Centre in Victoria. The portfolio includes more than 500 rental units on a total floor area of about 222,000 m².
Since the acquisition of the properties in 2004, a substantial value increase of more than 64 percent had been achieved, particularly through regular investments. The purchase price amounts to CA $508 million including the assumption of CA $138 million in debt.
"Earning a steady average of 8% p.a., the portfolio has always provided an attractive contribution to the performance of our hausInvest fund," explained Roland Holschuh, Member of the Management Board at Commerz Real AG and in charge of acquisitions and sales as well as of the fund's real asset management.
"Given the current price levels of the Canadian real estate market and the rise in the value of our assets it is the perfect time to sell."
The shopping centers had been acquired in July 2004 and held in the form of a 50% joint venture together with Ivanhoé Cambridge. At that time, the properties became part of the hausInvest global open-ended real estate fund which merged with hausInvest europa in the fall of 2010.
Originally, the portfolio transaction included six properties. The assets South Centre Mall in Calgary and the Guildford Town Centre near Vancouver were already sold in the spring of 2010.
Source: Commerz Real AG