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Tsawwassen Mills, Warren Buffett, and the On-Line Retail Shift

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You are not hearing a lot in the press about the Tsawwassen Mills Mega Mall, built by the Quebec Ivanhoe Cambridge. Ivanhoe Cambridge is the real estate arm of the Caisse de depot et placement du Quebec, which is the institutional fund manager for the Quebec pension plan and other Quebec pension investors. In terms of assets, Ivanhoe Cambridge reported investments of $55 billion dollars at the end of 2015. That’s the equivalent of four proposed Massey Bridges with carrying costs, with an extra 3/4 of a bridge thrown in.

Tsawwassen Mills is similar to the other two mega malls in this Quebec pension fund’s stable, Cross Iron Mills near Calgary and Vaughan Mills near Toronto. The advertising is the same, the layout is the same, and very similar retailers.  This concept may be working in the other two places-but in Vancouver? Not so much. Last night there were 18…

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