The real estate arm of the Caisse de dépôt et placement du Québec is entering a strategic partnership with a Quebec City real estate firm to redevelop a major retail asset it’s held since 2000.
Ivanhoé Cambridge and Douville, Moffet et Associés Inc. will collaborate on a project to redevelop Laurier Québec, a 10-hectare shopping centre located in Sainte-Foy, a suburb of Quebec City. The partners, which previously collaborated on similar partnerships in Quebec and Ontario, will each have a 50 per cent stake in the project.
The project, which will involve the densification of 12 hectares of retail and office space, will also redevelop two smaller, adjacent properties, both office buildings.
Read: Caisse co-investing in sustainable energy, AIMCo acquiring U.K. warehouses
According to a press release, Julie Bourgon, head of Canadian retail at Ivanhoé Cambridge, said the project furthered the Caisse’s goal of making improvements in its home province. “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.
In other news, the Ontario Teachers’ Pension Plan’s real estate arm is acquiring a Dutch logistics portfolio alongside a joint venture partner.
In a deal reached with Europa Capital Ltd., Cadillac Fairview and Boreal Investment Management Inc. will acquire 14.2 hectares of warehouse properties located throughout the Netherlands for an undisclosed sum. The majority of the 15 properties house local package delivery centres.
Read: CPPIB buys into portfolio of U.S. warehouses
In early 2022, the joint venture, which is aiming to build a $2.92 billion portfolio of European properties, also acquired six other Dutch warehouses, as well as an industrial site in London. As with its previous acquisitions, it aims to raise the value of its properties by installing carbon reduction technologies, including new lighting and solar panels, according to a press release.
“Today’s announcement, which sees us acquire a unique group of assets in a strategic market, once again demonstrates the strength of our partnership and joint commitment to growing our logistics portfolio with best-in-class assets and sound [environmental, social and governance] practices,” said Jenny Hammarlund, head of Europe and managing director of Cadillac Fairview, in the release.
Read: Caisse secures shares in consolidated rail company, Ontario Teachers’ redevelops Toronto mall