Two of the shopping centres are in the province of Quebec, one is in Nova Scotia and another in British Columbia.
The transaction with German asset manager Commerz Real will leave Ivanhoe Cambridge as the sole owner of the properties.
Ivanhoe Cambridge is an arm of Quebec's Caisse de depot retirement fund manager. It has interests in 38 shopping centres across Canada.
The two Quebec properties included in the deal are Place Ste-Foy in Quebec City and Galeries Rive Nord in Repentigny.
In Nova Scotia, Ivanhoe Cambridge becomes sole owner of the Mic Mac Mall in Dartmouth near Halifax and in British Columbia it will be sole owner of the Mayfair Shopping Centre in Victoria.