QUEBEC CITY, Jan. 11, 2016 /CNW Telbec/ - Galeries de la Capitale, owned by Oxford Properties and Canada Pension Plan Investment Board, announced a new $40 million investment to enhance the customer experience at the shopping centre through common area renovations. Today's announcement is a reflection of the commitment to maintaining Galeries de la Capitale's position as Quebec City's number-one shopping and entertainment destination.
Refurbishment of common areas
As a complement to the $50 million redevelopment plan launched last year, this new $40 million investment will renovate common areas, including all mall entrances and corridors, and is scheduled for completion between February 2016 and November 2017. "We are committed to providing shoppers a more welcoming and comfortable experience in our common areas with new lighting and improved circulation between retailers and department stores," explains Serge Rossignol, General Manager of Galeries de la Capitale. The contract was awarded to the respected Québec architectural firm LEMAYMICHAUD.
$40 million to create a top-notch experience
The $40 million investment is in addition to the $50 million CPPIB and Oxford invested last spring to create a more engaging, dynamic and eco-friendly dining experience at Espace Gourmet. "Our intention is clear. We are elevating the experience and environment at Galeries de la Capitale to reinforce our position as the must-visit shopping and entertainment destination in Quebec City."
Introducing OLD NAVY and BCBG, and the return of Dollarama
In spring 2016, Galeries de la Capitale will welcome OLD NAVY and BCBG, two well-known banners, and will welcome back Dollarama. "We are proud to add such prominent tenants to our retail mix because they appeal to the tastes and demands of today's consumers," notes Mr. Rossignol, "and reinforce Galeries de la Capitale's position as the only shopping, dining and entertainment destination in Quebec City."
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: Serge Rossignol, General Manager of Galeries de la Capitale, will be available today for interviews by appointment: TAC TIC MARKETING, 418-658-1761, Sylvie Beaulieu, [email protected]