MONTREAL, June 28, 2012 /CNW Telbec/ - Ivanhoé Cambridge today announced
an investment of $178 million to build an outlet shopping centre in
Niagara-on-the-Lake, Ontario. Under the banner The Outlet Collection,
the property will leverage a distinctive new brand in Ivanhoé
Cambridge's shopping centre portfolio and will be a major attraction
for tourist shoppers.
"This investment is in keeping with our willingness to provide consumers
with outstanding, high-quality shopping destinations in targeted
markets," explained Daniel Fournier, Chairman of the Board and Chief
Executive Officer of Ivanhoé Cambridge. "The Outlet Collection will
become a prime destination for local consumers as well as the
10 million tourists who visit the region each year."
The Outlet Collection will be a unique complement to some of Ivanhoé
Cambridge's Mills properties, such as Vaughan Mills in Ontario and
CrossIron Mills in Alberta, which are hybrid centres that incorporate
the best attributes of regional malls, power centres, outlet centres
and entertainment venues in a single concept.
Phase I of the new outlet centre in Niagara-on-the-Lake is slated to
open in the spring of 2014. It will feature eight buildings totalling
45,000 m2 (488,000 sq. ft.) of gross leasable area (GLA). A second phase would
add 66,900 m2 (720,000 sq. ft.) to the project's total GLA.
"The Outlet Collection will benefit from an outstanding location," noted
David Baffa, Ivanhoé Cambridge's Vice-President, Retail Development,
Central Region. "The site, next to the Queen Elizabeth Highway and just
one hour away from Toronto, will become the new gateway to the Niagara
Falls region, one of Canada's most popular destinations, and will be a
major tourism hub."
"We welcome the opening of this Outlet Centre which will generate
significant economic benefits for our town and attract additional
visitors to the Niagara-on-the-Lake region," said Town CAO Mike
The Outlet Collection will be home to about 100 renowned retailers,
including Brooks Brothers, Calvin Klein, Forever 21, Izod, Naturalizer,
Nine West, Tommy Hilfiger and Van Heusen outlets, two big-box stores,
restaurants and a food pavilion.
The Outlet Collection heralds a new concept among Ivanhoé Cambridge's
range of properties, as it will comprise specially selected retailers
recognized for quality as well as complementary product and service
offerings, all in an open-air setting.
About Ivanhoé Cambridge
Ivanhoé Cambridge is one of the world's 10 largest real estate
companies. As at December 31, 2011, its assets totalled more than C$30
billion and could be found in over 20 countries around the world.
Headquartered in Montreal, Quebec, 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.
Image with caption: "Niagara-on-the-Lake, The Outlet Collection, courtesy of Ivanhoé Cambridge. (CNW Group/IVANHOE CAMBRIDGE)". Image available at: http://photos.newswire.ca/images/download/20120628_C4987_PHOTO_EN_15821.jpg
SOURCE IVANHOE CAMBRIDGE
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