Montreal, Quebec – 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 shop undisturbed.”
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 (www.placevertu.com) 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.