Galeries d'Anjou celebrates makeover milestone - Phases I and II of $86-million transformation now complete - Phase III underway

MONTREAL, Nov. 22, 2012 /CNW Telbec/ - The Cadillac Fairview Corporation Limited and Ivanhoé Cambridge, co-owners of Galeries d'Anjou are proud to announce the completion of Phases I and II of an $86-million redevelopment project. This investment will reinforce Galeries d'Anjou's position as east-end Montreal's most popular retail destination.

Phase I and II included a full renovation of the common areas and the construction of a new dining terrace, which has transformed Galeries d'Anjou into an ultramodern shopping destination. Shoppers can now enjoy a mouth-watering meal or snack at the chic new Avenue des saveurs. At 750 seats, the dining terrace's capacity has increased by 35% and offers an array of restaurants and menu choices to suit every taste and age group.

Phase III of the redevelopment project is well underway. The opening of Target and the expansion of the shopping centre to accommodate a new 100,000 square foot Simons department store that will offer 160 underground parking spaces is expected to be completed by fall 2013. In addition, the expansion will allow for 50,000 square feet of new leasable space, making room for additional best-in-class retailers.

"We are very proud of the results to date," said Salvatore Iacono, Senior Vice President, Development and Portfolio Management, Eastern Canada, for Cadillac Fairview. "The revitalization of Galeries d'Anjou demonstrates Cadillac Fairview's confidence in the economic growth and prosperity of Quebec, and the Montreal area in particular. This is a truly transformational project that reflects our commitment to offering Montrealers enhanced access to world-class retailers, while improving shopper demographics and significantly increasing customer traffic for our tenants."

"Galeries d'Anjou is an important property for us and these investments are an excellent opportunity to further enhance the quality of our Montreal portfolio," said Jean Laramée, Senior Vice President, Eastern North American Portfolio. "We are very pleased to see this transformation taking shape at such a good pace. We believe that these new features will be warmly welcomed by customers, just in time for the Holidays."

When the expansion project is completed, Galeries d'Anjou — strategically situated at the intersection of Highways 40 and 25 — will encompass a gross leasable area of 1.1 million square feet.

Galeries d'Anjou, along with Fairview Pointe Claire, Promenades St-Bruno and Carrefour Laval, comprise the Montreal "Fashion Centres''. With over 925 stores, the Fashion Centres form a powerful network within the retail industry.

About Cadillac Fairview
The Cadillac Fairview Corporation Limited is one of North America's largest investors, owners and managers of commercial real estate. For over 50 years, Cadillac Fairview has been leading the way in commercial real estate with innovative design, development and management. Cadillac Fairview focuses on developing and managing high quality office properties and regional shopping centres in Canada and the United States, as well as international investments in real estate companies and investment funds. With a portfolio valued at more than $20 billion and nearly 47 million square feet of leasable space, Cadillac Fairview and its affiliates own and manage 83 properties across North America, including some of Canada's landmark developments, such as Toronto-Dominion Centre, Toronto Eaton Centre, Pacific Centre, Chinook Centre and the Montreal Fashion Centres. For more information, visit cadillacfairview.com.

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 Cdn$30 billion and could be found in over 20 countries around the world. 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: Cadillac Fairview Corporation Limited

Sources:
The Cadillac Fairview Corporation Limited
Ivanhoé Cambridge

For further information:
Isabelle Paquette
Communications Manager
Communications Infrarouge
[email protected]
514 849-4554

Sébastien Théberge
Senior Director, Public Affaires and Communication
Ivanhoé Cambridge
[email protected]
Media line : 1 866 456-3342