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 andwill alsoacquire 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-standingpartnersin other projects in the Quebec City and Ottawa regions, the two parties are joining forces to have a positive impacton the surrounding communities and to create a stimulating living environment that responds to the needs of localusers. With this 1.3-million-square-foot retail property, the partners have aQuebec Citylocation ideally suited to mixed-usedevelopment (residential and retail) nearmultiple services.
“Throughthis partnershipwith DMA, Ivanhoé Cambridge is joining forceswith a leading Quebec player with whichit sharesa common vision to revitalize an iconic Quebec City shopping centre,”said Julie Bourgon, Headof Retail, Canada.“Ivanhoé Cambridgeisdetermined to have a real impact in Quebec, so it’s pleased to be involvedin the growth of alocal entrepreneurthatis expandinginto new nichesat the same time.This flagship project willcontinue to generate a sustainable performance while contributing to Quebec’seconomic growth.”
“We’re pleased to have been able to work with Ivanhoé Cambridge on this acquisition,”added Pierre Moffet, President of Douville, Moffet & Associés. “Thistransaction marks the culmination of significant initiatives and effortson the part ofDMA 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 1.1millionft²shopping centrein Sainte-Foy, a suburb of Quebec City.
•The property also includes twooffice buildings:Édifice Champlain (82,586 ft²) and Tour Frontenac (46,944 ft²), for a total 1.3millionft².
•In the heart of a Quebec City hub with great potential, the property is accessible via several roads andis 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 propertyand will maintainthis commitment. Asset management will now behandledby DMA.
About Ivanhoé Cambridge
Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies that are shaping the urban fabric in dynamic cities around the world. It does so responsibly, with a view to generate long-term performance. Ivanhoé Cambridge is committed to creating living spaces that foster the well-being of people and communities, while reducing its environmental footprint.
Ivanhoé Cambridge invests internationally alongside strategic partners and major real estate funds that are leaders in their markets. Through subsidiaries and partnerships, the Company holds interests in more than 1,200 buildings, primarily in the industrial and logistics, office, residential and retail sectors. Ivanhoé Cambridge held C$69 billion in real estate assets as of December 31, 2021 and is a real estate subsidiary of CDPQ(cdpq.com), a global investment group. For more information: ivanhoecambridge.com.
About Douville, Moffet & Associés inc.
Douville, Moffet & Associés inc is a property developerand manager that focusesmainly on the residential rental market in the Quebec City area but has developed, operatedand owned all types of real estate assets, including office, retail, industrial, subdivisions, hotelsand condominiums. As at June 30, 2022, its real estate assets owneddirectly, held injoint venturesand under development totalledC$1.125 billion.For more information:www.dma.immo.
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Douville, Moffet & Associés
Telephone: (418) 877-773