Quebec City, Quebec – July 20, 2022 – Ivanhoé Cambridge is proud to partner with Douville, Moffet & Associés (DMA) to create a strategic partnership. DMA will take part in the accelerated redevelopment of the retail property and the densification of the site and will also acquire a 50% interest in three assets in the Quebec City region: Laurier Québec, Édifice Champlain and Tour Frontenac. This major real estate transaction will contribute to Quebec City’s economic development.
Value creation in Quebec
As long-standing partners in other projects in the Quebec City and Ottawa regions, the two parties are joining forces to have a positive impact on the surrounding communities and to create a stimulating living environment that responds to the needs of local users. With this 1.3-million-square-foot retail property, the partners have a Quebec City location ideally suited to mixed-use development (residential and retail) near multiple services.
“Through this partnership with DMA, Ivanhoé Cambridge is joining forces with a leading Quebec player with which it shares a common vision to revitalize an iconic Quebec City shopping centre,” said Julie Bourgon, Head of Retail, Canada. “Ivanhoé Cambridge is determined to have a real impact in Quebec, so it’s pleased to be involved in the growth of a local entrepreneur that is expanding into new niches at the same time. This flagship project will continue to generate a sustainable performance while contributing to Quebec’s economic growth.”
“We’re pleased to have been able to work with Ivanhoé Cambridge on this acquisition,” added Pierre Moffet, President of Douville, Moffet & Associés. “This transaction marks the culmination of significant initiatives and efforts on the part of DMA in terms of acquisition, development and asset management; in partnership with institutional players, we’ve built a high-quality portfolio focused on the Quebec market and benefiting from a promising environment. We look forward to implementing our strategy to revitalize Laurier Québec.”
Projects to capitalize on the site’s densification and development potential are underway and will be the subject of joint announcements in the coming months. Together, Ivanhoé Cambridge and DMA are committed to making a positive impact in Quebec City.
Asset and transaction details
- Laurier Québec is a 1.1million ft² shopping centre in Sainte-Foy, a suburb of Quebec City.
- The property also includes two office buildings: Édifice Champlain (82,586 ft²) and Tour Frontenac (46,944 ft²), for a total 1.3million ft².
- In the heart of a Quebec City hub with great potential, the property is accessible via several roads and is close to many services, including the Centre Hospitalier de l’Université Laval and Université Laval. It will also eventually be served by the Tramway de la ville de Québec.
- Laurier Québec has been owned by Ivanhoé Cambridge since 2000.
- Since the fall of 2021, JLL has been managing the Laurier Québec property and will maintain this commitment. Asset management will now be handled by DMA.