Two commercial real estate projects in Brazil received significant investment from Ivanhoe Cambridge, as the company spent CAN $132.8 million (USD $123.8 million) on properties in Porto Velho and Sao Paulo.
The shopping center in Porto Velho will be expanded through a partnership with Ancar Ivanhoe. It was initially constructed in 2009 by the two entities, and has more than 140 shops. The plan is to increase available space by nearly 148,000 square feet. There is more than 322,000 square feet at the property currently.
The Sao Paulo property, Shopping Golden Square, will have nearly 323,000 square feet, and will open in spring 2013. It will be the 12th property in its Brazilian shopping center portfolio.
"We are pleased to enhance our competitive position in Sao Paulo," said Claude Sirois, executive vice president of commercial investment and emerging markets for Ivanhoe. "Shopping Golden Square offers a unique opportunity to acquire majority ownership in a dominant property in the suburbs of Sao Paulo."
Ivanhoe Cambridge had approximately $30 billion in assets spread across more than 20 countries at the end of 2011.