Montreal-based Ivanhoé Cambridge is investing C$200 million (€156.7 million, $194.3 million) to expand an Ottawa shopping centre. According to a statement, the real estate arm of pension fund manager Caisse de dépôt et placement du Québec is investing in the Bayshore Shopping Centre in a move to add 160,000 square feet of leasable space to the property.
“The project is timely because of the tremendous growth that the Ottawa market has had in recent years,” said George Fiddler, a senior vice president at Ivanhoé Cambridge.
“Bayshore is an emblem not only for the business community, but also for the west of the city,” said Ottawa Mayor Jim Watson. “In addition to presenting a great economic interest, these improvements will allow the Bayshore Shopping Centre to remain an important partner in the community.”
The redevelopment and expansion programme, which already is underway, is scheduled to be completed in 2015. The centre – managed by Ivanhoé Cambridge and co-owned by KingSett Capital, a Toronto-based private equity real estate firm – will remain open during the different phases of construction.
News of this investment immediately follows the announcement that Ivanhoé Cambridge has teamed up with Hines to develop a Chicago office tower. Ivanhoé Cambridge plans to invest $300 million to build River Point, a 45-story, 900,000-square-foot office tower in Chicago’s West Loop submarket, making it the largest real estate project to be launched in the city in five years.