Canadian real-estate property development and management firm Ivanhoe Cambridge has made a strategic decision to close its offices in India and pursue a more passive investment strategy. As a result, Phil McArthur, Senior VP, Ivanhoe Cambridge India, will be relocating out of the country effective November 30.
In an email message to this correspondent, McArthur said: “During our investigation of the market, the Indian shopping centre and retail community was always very supportive of our efforts to understand the consumers and retailers of India better. I have witnessed impressive growth and new maturity in the retail and shopping centre development sectors and look forward to many return visits to this great and unique country.”
McArthur added that from December 1, 2011, he will be launching a new firm called McArthur + Company, Global Retail Real Estate Services, which will be based out of Dubai. “Our plan is to work with leading developers and retailers in the Middle East, North Africa, India and Asia markets,” he stated.
-IndiaRetailing Bureau
