OTTAWA, May 25, 2012 /CNW Telbec/ - Ivanhoé Cambridge announced today a $200-million investment in Bayshore Shopping Centre, boosting the centre's retail area by 160,000 square feet (14,900 m2). Slated for completion in 2015, this major redevelopment and expansion project begins immediately. The additional retail space will allow the centre to introduce highly desirable retailers into the Ottawa market.
"This investment reflects our strategic plan to invest in our properties in order to provide an exceptional shopping experience for consumers and an optimal place of business for our retailers," said Kim McInnes, President, Global Operations, Ivanhoé Cambridge.
The centre, managed by Ivanhoé Cambridge and co-owned with KingSett Capital, will remain open during the phased construction. The modern makeover includes moving and expanding the food court and nearly tripling its seating area, as well as increasing parking space by 10 percent. The bulk of the expansion will be on the northern side of the property, in place of the existing parking tower.
"The project is well-timed because the Ottawa market has grown substantially over the past few years," noted George Fiddler, Senior Vice President, Retail, Central North America, Ivanhoé Cambridge. "Ivanhoé Cambridge and KingSett Capital are proud to partner in this investment which will seal Bayshore Shopping Centre's position as the preferred shopping destination for Ottawa and the surrounding areas," he added.
Ottawa Mayor Jim Watson commented: "Bayshore is a commercial cornerstone for not only the community, but the entire west end of the city. These improvements will generate significant economic benefits and ensure that Bayshore Shopping Centre can continue to be a strong partner to the community."
Mayor Watson and Bay Ward Councillor Mark Taylor joined Ottawa West-Nepean MPP and Ontario Minister of Transportation and Infrastructure Bob Chiarelli for the official launch of the redevelopment - one of the largest projects of its kind in Ottawa history. "Expanding Bayshore Shopping Centre will create over 400 new, permanent jobs, right here in Ottawa West-Nepean," said Mr. Chiarelli. "The shopping centre's commitment to enhance our farmers' market and strengthen its partnership with the Pinecrest-Queensway Community Health Centre's employment program will also benefit local families."
Bayshore Shopping Centre has been working closely with the provincial and municipal governments, and local community partners, to ensure the success of this redevelopment project. Construction vehicles will be re-routed to mitigate congestion on local streets, and transportation initiatives will be introduced during peak shopping periods.
"Area residents are looking forward to seeing their neighbourhood shopping centre grow into one of the more impressive centres in the country," said Councillor Taylor. "Bayshore Shopping Centre is an incredible community partner and I am very pleased to be on hand for the groundbreaking of this project."
About Bayshore Shopping Centre
Bayshore Shopping Centre is Ottawa's premier shopping destination thanks to its strong tenant mix and ideal geographic location. Situated in the western portion of the Ottawa-Gatineau metropolitan area, it boasts 165 retailers such as Bath & Body Works, Banana Republic, Aries and Jack & Jones, in addition to several anchor stores, including The Bay, Sports Experts and Old Navy. It is also the only shopping centre in Ottawa where both Winners and HomeSense can be found under one roof. Bayshore is visited by over 7 million customers per year.
About Ivanhoé Cambridge
Ivanhoé Cambridge is one of the 10 largest real estate companies in the world, with more than $30 billion of assets in over 20 countries as at December 31, 2011. 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 KingSett Capital
KingSett Capital is Canada's leading private equity real estate business co-investing with pension fund and high net worth individual clients. For more information, visit kingsettcapital.com.
SOURCE IVANHOE CAMBRIDGE