Attention News Editors:

CrossIron Mills will open in August 2009

    Tenants include many first-in-Alberta stores

    BALZAC, AB, May 22 /CNW/ - Ivanhoe Cambridge, a pre-eminent
Canadian-based global shopping centre owner, manager, and developer, has
announced CrossIron Mills will open in August of 2009. The shopping
destination will offer many first-in-Alberta stores including Holt Renfrew
Last Call, Pro Hockey Life, Bed Bath & Beyond, Lacoste Outlet and the largest
Bass Pro Shops in Canada.
    "We're very excited about the opening of CrossIron Mills and being able
to bring new retailers to the Calgary area," says John Scott, vice president
of development with Ivanhoe Cambridge. "We believe this will be the shopping
destination of choice for many Albertans and a tourist destination for those
visiting the area."
    CrossIron Mills is the first enclosed mall to be built in Alberta in 20
years and the total project costs are estimated to be approximately
$400 million Canadian.
    This unique shopping and entertainment concept will feature a mix of
brand name retailers, manufacturer outlets, and themed restaurants. The retail
mix will provide many options to consumers from home decor shopping at
Villeroy & Boch Outlet or HomeSense, to fashion at Jones New York Outlet or
Winners to shoes at Puma Outlet.
    "Our confirmed tenants are thrilled to be joining us," says Scott. "We
continue to receive tremendous interest from retailers because of the booming
Alberta market and the previous success of our Vaughan Mills location in
Ontario. Discussions are underway to bring even more quality retailers on
board for this exciting project."
    Currently, 77 per cent of specialty retail space and 80 per cent of total
anchor tenant space is leased. CrossIron Mills will ultimately feature 17
anchor tenants and more than 200 specialty stores. The shopping centre will
have 1.4 million square feet of gross building area and 1.1 million square
feet of gross leasable area.
    The centre's architecture is innovative and contemporary, yet also stays
true to Alberta's unique heritage. The design elements celebrate the beauty
and diversity of Alberta. Geographic regions, memorable landmarks and cultural
icons of Alberta inspired the unique design. The centre's interior will
feature different themed areas including fashion, ranch, resource, fossils and
wildlife.
    "A lot of thought, time, experience and energy have gone into the
development of this shopping destination," explains Scott. "Ivanhoe Cambridge
has a proven track record of developing and managing top-performing,
innovative retail and entertainment centres and building CrossIron Mills from
the ground up has allowed us to put our experience and creativity to work."
    Not only will CrossIron Mills have first-in-Alberta retailers, the centre
will also have largest-in-Alberta retailers including the largest locations
for Toys 'R' Us/Babies 'R' Us, La Senza, H&M, The Children's Place, Tommy
Hilfiger Outlet, Laura Outlet and Forever XXI.
    In addition to shopping, CrossIron will include a state of the art Racing
Entertainment Centre developed and operated by the United Horsemen of Alberta.
The facility will feature a one-mile long thoroughbred track, a seven-furlong
standardbred track, a gaming parlor, entertainment stage and simulcast room.
    "From the beginning, Ivanhoe Cambridge and United Horsemen of Alberta
shared the vision of creating an incredible destination for Albertans," says
Scott. "We believe that UHA's racing entertainment centre adds a very special
element to the overall offering."
    Ivanhoe Cambridge and United Horsemen of Alberta own an additional 120
acres of land north of the Racing Entertainment Centre and CrossIron Mills
that is to be developed with a complimentary, mixed-use offering including
synergistic retail, service, hotel and office space.
    "Ivanhoe Cambridge and UHA have been working closely with the MD of Rocky
View to ensure the seamless integration of shopping, racing and entertainment
in this 700-acre master-planned development," explains Scott.
    Upon opening, the Racing Entertainment Centre and CrossIron Mills and its
retailers will employ more than 5,000 individuals on a full- or part-time
basis and add approximately $5 million in taxes to the local economy.

    About Ivanhoe Cambridge

    Ivanhoe Cambridge is a pre-eminent Canadian-based global property owner,
manager, developer and investor, focusing on high-quality shopping centres
located in urban areas. Beyond its strong Canada-wide presence, the Company is
also active in the United States, Brazil, Mexico and Europe, where it owns a
number of properties either by itself or through joint ventures with prominent
real estate partners. Abroad, Ivanhoe Cambridge also holds interests in
several shopping centre development and management companies and maintains
offices in Europe and Asia.
    Its real estate portfolio consists of more than 44 million square feet (4
million square metres) of retail space and includes some 70 regional and
super-regional shopping centres.
    As at December 31, 2007, the market value of Ivanhoe Cambridge's assets
reached CAD $13.4 billion. Headquartered in Montreal, Quebec, Canada, Ivanhoe
Cambridge is a principal real estate subsidiary of the Caisse de dépôt et
placement du Québec, one of the largest institutional fund managers in Canada.
Amongst its shareholders, the Company also counts four prominent Canadian
pension funds. The Company's Internet address is www.ivanhoecambridge.com.

For further information: Karissa Boley, Consultant, NATIONAL Public
Relations, Tel: (403) 444-1486