Management of its shopping malls in Canada: Ivanhoe Cambridge relies on an American company

Management of its shopping malls in Canada: Ivanhoe Cambridge relies on an American company

It is an American company responsible for managing Ivanhoe Cambridge’s shopping centers across the country.

The real estate department of Caisse de Dépôt et placement du Québec announced on Tuesday that JLL, headquartered in Chicago, will manage its shopping malls, Larrier Quebec, Place Sto-Foy and Center. Montreal Eden.

Currently, Ivanhoe owns 21 shopping centers in Cambridge, but some could be sold soon, according to our information.

In recent months, management has said it wants to reduce its presence in shopping malls and hand over the management of its assets to third parties.

JLL describes itself as “the largest shopping center operating company in North America” ​​and will take control of Ivanhoe Cambridge’s portfolio until October 1st.

The “majority” of employees working in these shopping centers will join the management team at the head office in JLL and Montreal. The financial amount of the contract has not been released. Ivanhoe Cambridge denies how many people will be affected.

“Currently, the figures are not available as the relocation plan is still in development,” spokesman Gabriel Meloch said, adding that the figures are promising by October.

In recent weeks, the Quebec real estate developer has begun calling for tenders to find a company that specializes in shopping center management. Ivanhoe Cambridge recently refused to provide the outside of this call for tenders Magazine.

Management says it has received several proposals. “We saw things that matched very closely with our values,” Ms.Me Melochi.

New office

In the next few months, JLL plans to open its first office in Quebec. Currently, the US company has several facilities near Montreal. Thanks to this agreement, it is “the largest operator of shopping centers in Canada”.

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“This alliance allows the real estate investor to focus on the primary business and standardize our business model globally,” Natalie Balladichev, President and CEO of Ivanhoe Cambridge, said in a statement.

JLL undertook, without providing a statistic, to maintain “decision-making positions” in Quebec. The company plans to set up a Center for Sustainable Development (CETT) in Montreal.

JLL had sales of $ 16.6 billion last year and is present in more than 80 countries. The organization had more than 92,000 employees as of June 30.

– In collaboration with Pascal Ducas Borden

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About the Author: Cory Weinberg

Cory Weinberg covers the intersection of tech and cities. That means digging into how startups and big tech companies are trying to reshape real estate, transportation, urban planning, and travel. Previously, he reported on Bay Area housing and commercial real estate for the San Francisco Business Times. He received a "best young journalist" award from the National Association of Real Estate Editors.

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