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Ivanhoe Buys Into ERE

MONTREAL-The Canada property owner acquires an ownership interest in European Retail Enterprises ("ERE"), which owns Groupe BEG.

By Brian K. Miller | Updated on October 24, 2005

MONTREAL-Locally headquartered shopping center company Ivanhoe Cambridge has acquired a 39.5% interest in European Retail Enterprises (“ERE”), which owns Groupe BEG, a developer, owner and manager of retail properties in France, Italy, Poland, Portugal, Spain and Turkey. The two other shareholders are Simon Property Group, which owns a 34.7% interest, and ERE’s founding shareholders, which own the remainder.

Industry sources tell GlobeSt.com the interest acquired by Ivanhoe Cambridge was sold by Peabody and Argo Group investment funds, managed by JP Morgan and the O’Connor Group. Neither Ivanhoe Cambridge nor Simon Property Group named the seller or the cost of the acquisition.

Ivanhoe Cambridge and SPG say they will equalize ownership “in the future” through the purchase of additional interests from ERE founders. In the meantime, Simon and ERE will have equal representation on the board of directors. Hans Mautner, president of Simon’s International Division and chairman of Simon Global Ltd., will continue to serve as chief executive officer of ERE.

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