QUEBEC CITY, Jan. 21, 2016 /CNW Telbec/ - Galeries de la Capitale, owned by Oxford Properties and Canada Pension Plan Investment Board, is proud to welcome Simons store in the old Target space. After several months of negotiations, an agreement was reached with Simons, which will gain access to 80,000 sq. ft. of space, doubling their current size. "We are giving customers yet one more reason to choose Galeries de la Capitale for a first-rate shopping experience", says General Manager Serge Rossignol.
Already a Galeries de la Capitale tenant, Simons will move into the space left vacant by the Target closing. "We are proud that Simons has chosen Galeries de la Capitale to introduce its department store concept. This full-fledged Quebec crown jewel will occupy a space that is undoubtedly one of the most strategic in the region," adds Serge Rossignol.
Galeries de la Capitale and Simons will hold a press conference, to be announced at a later date, presenting the details of this project.
A groundbreaking redevelopment
An investment of $50 million was made last year in the first phase of the Galeries de la Capitale redevelopment in order to relocate Espace Gourmet. These investments also included the relocation and expansion of Renaud-Bray, the expansion of H&M, and the opening of the first FOREVER 21.
Last week, Galeries de la Capitale announced another investment totaling $40 million to renovate the common areas, corridors, and all entrances to the mall. "With these investments we demonstrate our commitment to maintaining our dominant position in the market as the number-one must-visit shopping, eating, and entertainment destination in Quebec City," sums up Serge Rossignol.
About Oxford Properties Group Inc.
Oxford Properties Group is a global platform for real estate investment, development and management, with approximately 2,000 employees and over $37 billion of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, Oxford has regional offices in Toronto, London and New York, and the company's portfolio includes approximately 56 million square feet of office, retail, industrial, and multi-family and hotel properties. Oxford is the real estate arm of OMERS. For more information please visit www.oxfordproperties.com
About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 18 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City and São Paulo, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At September 30, 2015, the CPP Fund totalled C$272.9 billion, of which C$34.3 billion represented real estate investments. For more information about CPPIB, please visit www.cppib.com.
SOURCE GALERIES DE LA CAPITALE
For further information: Media Relations: TAC TIC MARKETING, Sylvie Beaulieu, 418-658-1761, [email protected]