Paul Hastings' Advises Ivanhoe Cambridge, Inc on German Market Entry With Retail Acquisition Valued at Over 450 Million

November 02, 2005

Paul, Hastings, Janofsky & Walker (Europe) LLP (“Paul Hastings”), a leading international law firm, has advised Ivanhoe Cambridge, Inc. on its entry into the German commercial real estate market with acquisition of shopping centers in Leipzig and Zwickau and a shopping center development in Berlin. Total value of these transactions was in excess of €450 million.

This is the second European acquisition that Paul Hastings has advised Ivanhoe Cambridge Inc. on this quarter, the other being Ivanhoe’s acquisition of a 39.5% ownership interest in European Retail Enterprises (ERE), an entity co-owned with Simon Property Group, Inc. (NYSE: SPG) and owning properties in France and Poland. Previously, Paul Hastings has advised Ivanhoe on European acquisitions in the United Kingdom, Poland and Spain.

Dr. Geza Martin Toth-Feher commented: “Our expertise and knowledge in the German private equity marketplace allowed us to add significant value to what we believe is an important step for our client.”

General legal advice and transaction management for the German transaction were provided by Dr. Geza Martin Toth-Feher (Head of the German team) and Robert Abt (Corporate).

Luxembourg tax advice was provided by Jean-Baptiste Brekelmans of Loyens Winandy (Luxembourg) and German tax advice by Wolfgang Tischbirek of Poellath + Partner (Berlin). Due diligence was carried out by a team led by Jörn Stobbe of Clifford Chance (Frankfurt).

Responsible in-house counsel at Ivanhoe Cambridge Inc. was John W. Comery, Vice President and Assistant General Counsel, Legal Affairs.

Ivanhoe Cambridge Inc., is a Canadian owner, manager and developer of shopping centers. The Company’s real estate portfolio consists of 43 regional and super-regional shopping centers with a total of 37 million square feet of retail space. As at December 31, 2004, the market value of its assets stood at CAD$ 7.0 billion (€ 5 billion).

Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is an international law firm, representing Fortune 500 companies with more than 1,000 attorneys located in 17 offices: Atlanta, Beijing, Brussels, Hong Kong, London, Los Angeles, Milan, New York, Orange County, Palo Alto, Paris, San Diego, San Francisco, Shanghai, Stamford, Tokyo and Washington, DC.