Ivanhoé Cambridge has sold a 49% stake in Vaughan Mills shopping centre to U.S.-based LaSalle Investment Management as part of a syndication process.

IC will continue to act as asset manager in executing the business plan while the companies serve as co-owners, the firms said in a news release.

Located in Vaughan, Ont., in the Greater Toronto Area, the 1.27-million-square-foot mall ranks among Canada’s largest shopping centres. It is 97% leased and visited by approximately 13 million people annually.

The shopping centre has a distinctive 1.7-kilometre racetrack configuration and its stores bear regular and outlet brands the emphasize entertainment and leisure.

Montreal-based IC said the 49% divestment represents one of the company’s largest retail property transactions in recent years.

“Winning retail centres have remained quite resilient through cycles, and Vaughan Mills’ leasing and occupancy track record highlights its premier location and status in the market,” said Stuart Sziklas, Chicago-based LaSalle’s senior managing director and portfolio manager, in a news release.

CBRE advised IC on real estate matters and RBC Capital Markets Realty provided financial advisory services.