Ivanhoé Cambridge to invest $178 million in new outlet shopping centre in Niagara-on-the-Lake
MONTREAL, June 28, 2012 /CNW Telbec/ - Ivanhoé Cambridge today announced an investment of $178 million to build an outlet shopping centre in Niagara-on-the-Lake, Ontario. Under the banner The Outlet Collection, the property will leverage a distinctive new brand in Ivanhoé Cambridge's shopping centre portfolio and will be a major attraction for tourist shoppers.
"This investment is in keeping with our willingness to provide consumers with outstanding, high-quality shopping destinations in targeted markets," explained Daniel Fournier, Chairman of the Board and Chief Executive Officer of Ivanhoé Cambridge. "The Outlet Collection will become a prime destination for local consumers as well as the 10 million tourists who visit the region each year."
The Outlet Collection will be a unique complement to some of Ivanhoé Cambridge's Mills properties, such as Vaughan Mills in Ontario and CrossIron Mills in Alberta, which are hybrid centres that incorporate the best attributes of regional malls, power centres, outlet centres and entertainment venues in a single concept.
Phase I of the new outlet centre in Niagara-on-the-Lake is slated to open in the spring of 2014. It will feature eight buildings totalling 45,000 m2 (488,000 sq. ft.) of gross leasable area (GLA). A second phase would add 66,900 m2 (720,000 sq. ft.) to the project's total GLA.
"The Outlet Collection will benefit from an outstanding location," noted David Baffa, Ivanhoé Cambridge's Vice-President, Retail Development, Central Region. "The site, next to the Queen Elizabeth Highway and just one hour away from Toronto, will become the new gateway to the Niagara Falls region, one of Canada's most popular destinations, and will be a major tourism hub."
"We welcome the opening of this Outlet Centre which will generate significant economic benefits for our town and attract additional visitors to the Niagara-on-the-Lake region," said Town CAO Mike Galloway.
The Outlet Collection will be home to about 100 renowned retailers, including Brooks Brothers, Calvin Klein, Forever 21, Izod, Naturalizer, Nine West, Tommy Hilfiger and Van Heusen outlets, two big-box stores, restaurants and a food pavilion.
The Outlet Collection heralds a new concept among Ivanhoé Cambridge's range of properties, as it will comprise specially selected retailers recognized for quality as well as complementary product and service offerings, all in an open-air setting.
About Ivanhoé Cambridge
Ivanhoé Cambridge is one of the world's 10 largest real estate companies. As at December 31, 2011, its assets totalled more than C$30 billion and could be found in over 20 countries around the world. Headquartered in Montreal, Quebec, 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.
SOURCE IVANHOE CAMBRIDGE
Image with caption: "Niagara-on-the-Lake, The Outlet Collection, courtesy of Ivanhoé Cambridge. (CNW Group/IVANHOE CAMBRIDGE)". Image available at: http://photos.newswire.ca/images/download/20120628_C4987_PHOTO_EN_15821.jpg