Toronto, Ontario - The Cadillac Fairview Corp. Ltd. and Ivanhoe Cambridge today announced the completion of a redevelopment project at Market Mall in Calgary, Alberta. The redevelopment represents an investment of approximately $90 million made by the two companies, who co-own Market Mall in a 50/50 venture. Construction began in February 2003.
“In conjunction with our partners at Ivanhoe Cambridge, we am thrilled to present the new Market Mall,” said Peter Sharpe, President and CEO of Cadillac Fairview. “Market Mall has a long history of success within the Calgary market, which continues to be one of the most rapidly expanding trade areas in all of Canada. In particular, Northwest Calgary represents tremendous opportunity. The completion of this project is part of our commitment to being part of this growth.”
“Today’s opening is a result of the tireless contributions of our respective team members,” he added. “Their outstanding efforts made it possible for us to meet and achieve the demands of our construction and budget schedules."
The completed project includes an extensive renovation of the existing mall along with the addition of a new wing, which adds 150,000 square feet of Gross Leasable Area (GLA). The expansion brings the current non-anchor GLA from 750,000 square feet to approximately 900,000 square feet and increases the total number of merchants from 159 to 229.
“Ivanhoe Cambridge is pleased to be a partner in the redevelopment of Market Mall. This innovative joint venture between Cadillac Fairview and Ivanhoe Cambridge builds upon the strengths of each company, demonstrating what can be achieved when industry leaders work together,” said René Tremblay, President and CEO of Ivanhoe Cambridge.
The expanded Market Mall will host a cross section of new retail tenants including Aritzia, Banana Republic, Eddie Bauer, Jacob, Mexx, Tommy Hilfiger, The Children’s Place, and lululemon athletica. It will also feature a 620-stall underground heated parkade, an upgrade and expansion to the food court, the addition of approximately three-acres of parking and the introduction of several family-friendly amenities.
About The Cadillac Fairview Corporation Limited
The Cadillac Fairview Corporation Limited is one of North America's largest investors, owners and managers of commercial real estate. Cadillac Fairview focuses on high quality retail centres and office properties in Canada and the United States and also oversees equity investments in real estate companies and international investment funds. With a portfolio valued at over $10 billion, Cadillac Fairview and its affiliates own and manage 94 properties, including some of Canada's landmark developments such as Market Mall, Toronto Eaton Centre, Sherway Gardens, Toronto-Dominion Centre, Pacific Centre and the Montreal Fashion Centres.
Cadillac Fairview is wholly-owned by the Ontario Teachers' Pension Plan, which invests to secure the retirement income of 300,000 active and retired teachers in Ontario.
About Ivanhoe Cambridge
One of Canada’s leading property owners, managers, developers and investors, Ivanhoe Cambridge, headquartered in Montreal, Quebec, focuses on high quality shopping centres located in urban areas. Its real estate portfolio of more than 39 million square feet of retail space consists mainly of 50 regional and super-regional shopping centres. As at December 31, 2003, the fair market value of Ivanhoe Cambridge’s assets was over $6.8 billion.
Ivanhoe Cambridge is a member of CDP Capital, the asset manager for the Caisse de dépôt et placement du Québec (CDP). Amongst its shareholders, the Company also counts four Canadian pension funds.