Completion of $86 million expansion and redevelopment project
Galeries d'Anjou celebrates the arrival of Simons and new retailers
MONTREAL, Sept. 4, 2013 /CNW Telbec/ - The Cadillac Fairview Corporation Limited and Ivanhoé Cambridge, co-owners of Galeries d'Anjou, today marked the completion of the shopping centre's $86 million expansion and redevelopment project, an investment which reaffirms the centre's leadership position in its market. Over the last 24 months, the well-known landmark has undergone a complete transformation and proudly welcomes Quebec fashion leader, Simons, and other new retailers.
The 100,000 square foot, two-level Simons store at Galeries d'Anjou represents an investment of $25 million and has led to the creation of some 200 jobs.
The official opening ceremony was held in the presence of several dignitaries, including the Honourable E. Leo Kolber, one of the founders of Cadillac Fairview also present at the inauguration of Galeries d'Anjou in 1968; John Sullivan, President and Chief Executive Officer, Cadillac Fairview; Daniel Fournier, Chairman and Chief Executive Officer, Ivanhoé Cambridge; Peter Simons, President and General Manager, La Maison Simons; Lise Thériault, Deputy House Leader for Anjou-Louis-Riel and Luis Miranda, Mayor of the Anjou Borough and City Councillor.
"This is an extremely exciting stage in the evolution of Galeries d'Anjou," said Salvatore Iacono, Senior Vice President, Development and Portfolio Management, Eastern Canada, Cadillac Fairview, "Its expansion and revitalization are key factors in the centre's continued success. The arrival of Simons and other key players will attract customers from new markets, including the northeast shore of Montreal. This major project demonstrates our desire to continue investing in Quebec, particularly in the Montreal region."
For his part, Peter Simons, President and General Manager of the company that bears his name, said: "We are very pleased to now be serving the huge population of east Montreal with two partners as dynamic as Cadillac Fairview and Ivanhoé Cambridge. This ninth store is unique and incorporates the best of our other establishments in the country. It offered an excellent opportunity to innovate architecturally and technologically in order to break the traditional retail store mould and provide a shopping experience that meets new customer needs."
"We are proud of the results of the expansion and modernization of Galeries d'Anjou, a shopping centre that is very well positioned in our portfolio in Quebec," said Claude Sirois, Co-Chief Operating Officer and Executive Vice President, Quebec, for Ivanhoé Cambridge. "We are pleased to be associated with the success of this ambitious project, which will make Galeries d'Anjou the most sought after shopping destination in the eastern region of Montreal Island."
The new wing leading to the Simons store will introduce new brands to the centre: Jonathan, Firma, Body & Beach, Kasa Living, and Tutti Frutti Frozen Yogurt (now open); Café Starbucks and Ristorante Portovino (opening mid-September).
With the addition of Target and Sephora in mid-October, Galeries d'Anjou's gross leasable area will reach 1.1 million square feet.
The redevelopment project also included a complete makeover of the common areas, the construction of a new food court and underground parking for 160 vehicles beneath the Simons store. Sears and Hudson's Bay have substantially renovated and upscaled their stores to coincide with the centre's redevelopment. The Hudson's Bay store will now feature TopShop/TopMan.
Galeries d'Anjou, along with Fairview Pointe Claire, Promenades St-Bruno and Carrefour Laval, comprise the Montreal Fashion Centres. With over 925 stores, the Fashion Centres form a powerful network within the retail industry.
About Cadillac Fairview
The Cadillac Fairview Corporation Limited is one of North America's largest investors, owners and managers of commercial real estate. For over 50 years, Cadillac Fairview has been leading the way in commercial real estate with innovative design, development and management.
Cadillac Fairview focuses on developing and managing high-quality office properties and regional shopping centres in Canada and the United States, as well as international investments in real estate companies and investment funds. With a portfolio valued at more than $21 billion and nearly 44 million square feet of leasable space, Cadillac Fairview and its affiliates own and manage 76 properties across North America, including some of Canada's landmark developments, such as Toronto-Dominion Centre, Toronto Eaton Centre, Pacific Centre, Chinook Centre and the Montreal Fashion Centres. For more information, visit cadillacfairview.com.
About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that leverages its high-level expertise in all aspects of real estate, including investment, development, asset management and building operations, to deliver an optimal return for its investors. Through its multiple subsidiaries, it holds assets in more than 20 countries valued at over Cdn$35 billion as at December 31, 2012. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada's leading institutional fund managers. For more information, visit ivanhoecambridge.com
Originally a dry goods store, La Maison Simons was created in 1840 by John Simons in Quebec City. Since then, the company has carved itself out a reputation for being passionate about fashion - a value that has been passed on from generation to generation. Today, Simons has nine stores in Canada located in Montreal, Laval, Saint-Bruno, Sherbrooke, Edmonton (Alberta) and three in Quebec City at Place Ste-Foy, Galeries de la Capitale and Côte de la Fabrique in the heart of Old Quebec, which is also home to its Head Office.. For more information, visit simons.ca.
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