Ivanhoe acquires malls in $988m deal

Canadian shopping centre developer Ivanhoe Cambridge has announced the completion of a $988 mln (€788 mln) acquisition of centres in Glasgow, Madrid and Ontario from US REIT Mills Corporation. The deal gives Ivanhoe Cambridge the remaining 50 control of St Enoch Centre in Glasgow and Vaugh Mills in Ontario, and 100% control in the Madrid Xanadu centre. The 66,425 m[sup]2[/sup] Scottish centre attracts 20 million visitors a year. Ivanhoe Cambridge intends to redevelop the centre and add 23,000 m[sup]2[/sup] of retail and leisure space. Madrid Xanadu is 130,000 M#2 and houses more than 220 shops. It also features the only indoor snow facility in Spain.

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