Ivanhoé Cambridge invests $50 million in Quebec City’s Place Ste-Foy

unknown

Ivanhoé Cambridge announces today an investment of more than $50 million in the redevelopment and continuing modernization of its Place Ste-Foy shopping centre in Quebec City. The work will help maintain the centre’s strong position as a leading shopping destination in the Quebec City region. Phase I of the redevelopment work The redevelopment of Place Ste-Foy’s indoor spaces and the centre’s modernization will affect mainly the space left vacant by Les Ailes de la Mode – 6,300 m2 (68,000 ft2) – and the food court will be relocated to the centre’s north wing. In addition, new restaurants will be added in more welcoming, open and comfortable spaces. Besides the planned new work, the current replacement of flooring in the centre’s west sector will continue. Renowned, rapidly growing retailers Major trend-forward brands, including Lululemon and Nespresso, will be opening stores at Place Ste-Foy. In addition, some existing retailers will take advantage of this opportunity to expand, move or redesign their spaces: Atmosphere will be enlarged by more than 465 m2 (5,000 ft2), relocated and offer a new concept; Browns Shoes will undergo a complete renovation; Gap will be moved and redesigned; JP Fortin will be enlarged and moved; Délec-table will be moved and redesigned. “We are proud of Place Ste-Foy’s very enviable position in the Quebec City market and have made it a priority to invest in our best shopping centres so that they maintain their competitive position and continue to offer our loyal customers a shopping experience that meets their expectations,” said Jean Landry, Vice-President, Shopping Centres, Quebec, for Ivanhoé Cambridge. With its customer traffic constantly increasing and now standing at more than 8.6 million visitors per year, Place Ste-Foy is a top commercial performer in the Quebec City market, with annual sales averaging over $665/ft2 and an occupancy rate above 90%. “We are very enthusiastic about embarking on the first phase of Place Ste-Foy’s modernization, to revitalize the space and enhance our offering,” said Donald Larose, General Manager, Place Ste-Foy and Édifice Price. “Place Ste-Foy has long enjoyed an excellent reputation and we are very pleased to be able to upgrade the shopping experience to meet the needs and expectations of consumers and retailers. The first phase of our plans will bring in a great many new and exciting brands and we are working actively on developing other projects that will further enhance this top-quality asset.” Ivanhoé Cambridge, owner of both Place Ste-Foy and Laurier Québec, is a leader in the Quebec City-area shopping centre market. These two properties offer a combined 171,000 m2 (1.84 million ft2) of commercial area and a total of 369 retail outlets, representing the most complete range of stores in the region and a dominant hub of economic activity. About Ivanhoé Cambridge Ivanhoé Cambridge leverages its high-level expertise in all aspects of real estate including investment, development, asset management, leasing and operations, to deliver optimal returns for its investors. Its assets, held through multiple subsidiaries and located mainly in Canada, the United States, Europe, Brazil and Asia, totalled more than Cdn$40 billion as at December 31, 2013. Its portfolio consists mainly of shopping centres, office and multiresidential properties. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec cdpq.com, one of Canada's leading institutional fund managers. For further information: ivanhoecambridge.com. false false false