Quebec City – Les Galeries de la Capitale Holdings Inc. (notably OMERS, Oxford Properties Group) has sold the shopping complex bearing the holding company’s name to Galeries Capitale Holdings Inc. (Primaris REIT) for approximately $290 million. According to Real Estate News Exchange (RENX), this would be one of the largest retail transactions in Canada this year.
Key highlights:
- The sales contract values the property at $382 million, which represents over $11 million in transfer duties payable to the City of Quebec.
- Inaugurated in 1981, the complex was originally a project by Les Développements Iberville (Marcel Adams).
- The complex had been acquired by the seller in 2005 for approximately $350 million.
The shopping center, a landmark in Quebec City’s retail landscape, has changed hands in a significant transaction that underscores the continued interest in prime retail assets despite challenges in the sector.
This sale marks a notable shift in ownership for one of Quebec’s major shopping destinations and reflects the evolving dynamics of the Canadian commercial real estate market.
Credit for this news goes to GDL Crédit Ressource Québec inc.
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