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Cominar REIT buys $1.6B property portfolio from Caisse

Cominar Real Estate Investment Trust, one of the largest REITs in Canada, bought a portfolio of malls and offices for $1.63 billion from the country’s second-largest pension fund.

Ivanhoe Cambridge, a unit of Caisse de Depot et Placement du Quebec, sold the 15 properties in Ontario and Quebec, the companies said today in a statement. The Caisse’s unit will get about $1.53 billion, with its partners receiving the rest. Ivanhoe Cambridge also bought $250 million in Cominar shares, becoming the largest shareholder with an 8.5-percent stake, according to the statement.

“This acquisition represents an opportunity for Cominar to acquire a unique portfolio of landmark retail properties,” Cominar Chief Executive Officer Michel Dallaire said in the statement. “This acquisition will also allow us to strengthen our competitive position as Quebec’s leading provider of retail space.”

Cominar, based in Vanier, Quebec, is the largest commercial property owner in the province, according to the statement. Ivanhoe Cambridge, which has about $40 billion in assets, will transfer 120 employees responsible for those properties to Cominar as part of the deal, according to the statement.

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