MONTREAL, Nov. 29 /CNW Telbec/ - Place Vertu, owned and managed by
Ivanhoe Cambridge, is happy to announce a $45-million investment (including
all related fees) in the shopping centre, located in the borough of
Saint-Laurent in Montreal, to carry out a large-scale redevelopment project.
Construction work for this much-anticipated undertaking, designed to
revitalize the property and its retail mix, began in the summer of 2007 and
will wrap up in the spring of 2009.
"We are very enthusiastic about renovating Place Vertu. This project is
in keeping with our strategy to continuously enhance our properties and
strengthen their market position and share," said Jean Laramée, Senior Vice
President, Eastern Region, Ivanhoe Cambridge.
"This is excellent news for Place Vertu and its customers!" said Michael
Bonetto, General Manager of Place Vertu. "The project will enable Place Vertu
to take full advantage of its strategic location in the heart of
Saint-Laurent, one of the fastest-growing communities on the Island of
Montreal. Naturally, we will be doing everything we can to minimize any
inconvenience to our tenants and ensure that our customers can continue to
The main highlights of the project are as follows:
- Closing of The Bay, and relocation of Zellers into the vacated
premises, with its brand-new Zellers + concept (120,000 square feet
over two floors). Official opening scheduled for December 1, 2007.
- Expansion, reconfiguration and renovation of the food court to make it
more cosy and appealing. Expected completion: Spring 2008.
- Expansion of several stores and arrival of new retailers.
- Indoor and outdoor renovations and addition of decorative elements to
complement the centre's overall design. Construction of new entrances
and modernization of the façade along Côte-Vertu Boulevard.
The project is already generating a great deal of interest among
retailers, and talks are currently under way with a number of potential
tenants. Leasing agreements were recently signed or scheduled to be signed
very shortly with Winners, which will occupy some 25,000 square feet as of
summer 2008, Browns Shoes Outlet, Lace Canada (a high-end women's fashion
retailer), La Vie en Rose/Aqua, Urban Planet and a 25,000-square-foot
specialized grocery store.
About Place Vertu
Located in the borough of Saint-Laurent in Montreal, a stone's throw away
from one of Canada's largest industrial parks, Place Vertu opened for business
in 1975. Today, it features four anchor tenants and some 155 stores and
services. Its gross leasable area, including an office component, is nearly
924,000 square feet and it greets close to 6.5 million shoppers every year.
Place Vertu is owned and managed by Ivanhoe Cambridge.
About Ivanhoe Cambridge
Ivanhoe Cambridge is a pre-eminent Canadian-based global property owner,
manager, developer and investor, focusing on high-quality shopping centres
located in urban areas. Beyond its strong Canada-wide presence, the Company is
also active in the United States, Brazil, Mexico and Europe, where it owns a
number of properties either by itself or through joint ventures with prominent
real estate partners. Abroad, Ivanhoe Cambridge also holds interest in several
shopping centre development and management companies and maintains offices in
Europe and Asia.
Its real estate portfolio consists of almost 46 million square feet of
retail space and includes some 70 regional and super-regional shopping
centres. As at December 31, 2006, the market value of Ivanhoe Cambridge's
assets reached CAD $12.2 billion.
Headquartered in Montreal, Quebec, Canada, Ivanhoe Cambridge is a
principal real estate subsidiary of the Caisse de dépôt et placement du
Québec, one of the largest institutional fund managers in Canada. Amongst its
shareholders, the Company also counts four prominent Canadian pension funds.
The Company's Internet address is www.ivanhoecambridge.com.
For further information:
For further information: Nancy Defoy, Senior Advisor, Communications and
Public Affairs, Ivanhoe Cambridge, (514) 841-7792