On June 30, 2004 Ivanhoe Cambridge sold a 50 per cent ownership interest in six regional shopping centres and one office tower to Commerz Grundbesitz Investmentgesellschaft GmbH, one of the largest investment fund managers in Europe, with over Cdn $20 billion of assets under management.  Ivanhoe Cambridge is one of the largest owners and managers of retail properties in Canada.  This transaction represented the purchaser's first investment in Canada.  The properties included in the transaction were Mayfair Shopping Centre (Victoria), Guildford Town Centre (Vancouver), Southcentre Mall and Executive Tower (Calgary), Galeries Rive Nord (Montreal), Place Ste-Foy (Quebec City) and Mic Mac Mall (Halifax).  Ivanhoe Cambridge will continue to manage these properties.

In completing this transaction the parties stated that "the scope and magnitude of this new relationship make it the first of its kind in the Canadian shopping centre industry, and an important milestone in both companies' strategic goal to broaden their network of partners".

CGI was represented by a team from Davies Ward Phillips & Vineberg LLP that included Greg Howard, Jeffrey Lem, Kent Beattie, Lori Sullivan, Elise Sieradzki and Andrew Spurling of its Toronto office and Bob Abrams, Alain Roberge and Joseph Jarjour of its Montreal office, as well as Mark Katz (Competition) and Alexandria Pike (Environmental).