Over $50 million invested in the construction of quality housing complex with retail in one of Quebec City's most sought-after areas
MONTREAL, Feb. 18, 2014 /CNW Telbec/ - Ivanhoé Cambridge announced today that it has entered into a partnership to build Projet QB, a mixed multiresidential and commercial complex that will eventually feature more than 400 rental units and 200 condominiums in the Cité-Universitaire district of Quebec City. The initial investment of more than $50 million, in partnership with a group of local investors led by Pierre Moffet and under a codevelopment agreement with SDLP (the real estate division of Sobeys Inc.), will help revitalize an area of the city that is expected to experience exceptional growth.
"Quebec City has been one of the best-performing cities in Canada in terms of employment and per-capita income growth," said Sylvain Fortier, Executive Vice President, Residential, Hotels and Real Estate Investment Funds, at Ivanhoé Cambridge. "We are very pleased to be expanding our residential portfolio in Quebec with this investment in a project that will contribute to structuring the entire area. Already well-established in the neighbourhood with our Laurier Québec and Place Ste-Foy shopping centres, we are proud to contribute to the socio-economic development of the community, while also generating attractive returns for our investors."
Projet QB will initially comprise an apartment building containing about 300 rental units, a condo building with some 100 units, and a total of over 4,000 m2 (43,000 ft2) of ground-floor commercial space. The first phase of construction, which may last for a period of three years, is expected to begin at the end of this coming summer.
A second phase could be developed, which would make the Projet QB the largest construction site in the provincial capital region, after the Quebec City amphitheatre project.
Projet QB is a complex of superior quality that will offer Class A studio, 3½- and 4½-room apartments and condos at competitive prices. It will feature sophisticated architecture and an unrivalled location that will make for a one-of-a-kind real estate complex in the "Old Capital" region.
At the heart of the neighbourhood, an essential part of the community
In addition to being located near Université Laval, which has more than 48,000 students, the complex will be less than a kilometre from Laurier Québec, Halles de Sainte-Foy, Place Ste-Foy and Cégep de Sainte-Foy, and a short distance from the Hôpital Laval. Several major roads, including the Robert-Bourassa and Charest highways, will provide easy access to the site.
To complete Projet QB, Ivanhoé Cambridge has partnered with a group of investors in the Quebec City region under the leadership of Pierre Moffet, an experienced real estate developer. The firm Douville, Moffet et Associés, will also manage the project.
"We are very pleased to have a first-rate real estate partner that recognizes exceptional business projects," said Mr. Moffett, who is acting as project manager on behalf of the partner company. "There are currently very few buildings of this quality and density at a reasonable price in Quebec City. We believe that Projet QB will cater to the needs of a large spectrum of the local population and to people from the region looking for a pied-à-terre in Quebec City, to young professionals and young retirees, to renters and owners as well as to graduate- and postgraduate-level students."
The services offering will be enhanced in the district with the opening of an IGA supermarket on the ground floor of the complex, under the codevelopment agreement with SDLP, which will own and develop the complex's commercial spaces.
"This is the first project of this kind that we are developing in Quebec City, and in co-ownership as well," said Stanislas Malecki, Vice-President, Development, Sobeys Inc., Quebec. "This future IGA Extra will clearly meet the needs of the neighbourhood's residents."
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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, leasing and operations, to deliver an optimal return for its investors. Through its multiple subsidiaries, its assets in more than 20 countries were 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.
About Pierre Moffet
For nearly 20 years, Pierre Moffet has headed Douville, Moffet et Associés Inc., a company specializing in the acquisition, development and syndication of real estate projects (land, residential, office, industrial) and second rank mortgage with private and institutional investors. Originally from Quebec City, Mr. Moffet has led several successful real estate developments in the greater Quebec City area.
About Sobeys Québec
Sobeys Québec is a subsidiary of Sobeys Inc., wholly owned by Empire Company Limited. Headquartered in Montréal-Nord, Sobeys Québec operates several banners including IGA, Les Marchés Tradition, Marché Bonichoix, Rachelle-Béry health food stores, and various convenience stores including Voisin, Bonisoir, and Select. Sobeys Québec also owns 205 Shell service stations throughout the province. Sobeys Québec's goal is to create unequalled experiences that inspire Quebeckers to eat better. They therefore choose high quality partners and constantly innovate in order to offer consumers better choices. More information can be found at www.sobeyscorporate.com.
Image with caption: "Ivanhoé Cambridge invests in Projet QB in Quebec City (CNW Group/Ivanhoé Cambridge)". Image available at: http://photos.newswire.ca/images/download/20140218_C4845_PHOTO_EN_36820.jpg
SOURCE: Ivanhoé Cambridge
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