Ivanhoe Cambridge has reached a deal to purchase Alberta Investment Management Corp.’s (AIMCo) 50 per cent interest in Montreal’s Place Ville Marie to become the property’s sole owner.

Valued at more than $400 million, the transaction has now been submitted to the federal Competition Bureau for approval.

“We are very proud to seize this new opportunity,” says Daniel Fournier, chairman and CEO of Ivanhoe Cambridge. “This significant investment in Montreal will be the anchor of a broad plan we will implement this fall.”

Place Ville Marie is the cornerstone of the company’s Montreal property portfolio. The 50-year-old office complex consists of five towers and approximately 150 tenants. It has its own shopping promenade and is linked to both the metro underground network and the pedestrian underground network. A modernization and upgrading program is currently underway, which is expected to be finished in early 2014.