Immostar and Primaris REIT have completed the $63.0-million acquisition of two open-air retail centres in Quebec City known collectively as Complexes Capitale, the partners announced Thursday.

The north and south centres are located immediately adjacent to Les Galeries de la Capitale in the Lebourgneuf district and comprise 307,900 square feet of gross leasable area. The Complexes Capitale properties are fully leased to national tenants, including Rona, BMO, Adonis Mediterranean Market, McDonald’s and Golf Town.

The acquisition is structured with Immostar as managing partner holding a 75% interest and Primaris as non-managing partner owning a 25% stake.

Primaris owns the the adjacent Galeries Capitale mall, having acquired it in 2024 for $325 million in cash, REIT units and limited-partnership units.

Complexes Capitale sits on 29 acres and, when combined with Les Galeries de la Capitale, results in total site coverage of approximately 22% across a broader 122-acre footprint. The deal enables co-ordinated development planning across the entire site, said Immostar.

“While the market often associates us with our residential developments, commercial real estate has been at the core of Immostar’s DNA since its founding, François Pelchat, a partner at Immostar. “With over 3.5 million square feet developed and managed to date, this acquisition reaffirms our position as a key player and our commitment to investing in high-growth strategic hubs such as Lebourgneuf.”

“Our 25% non-managing interest in these strategic open-air retail properties consolidates the Galeries de la Capitale site and expands the overall footprint from 93 acres to approximately 122 acres,” said Alex Avery, CEO of Primaris. “Working alongside Immostar, a well-established local real estate developer, this enhanced site configuration provides greater flexibility as master planning of the surrounding excess lands advances and further positions the property for potential future development.”

The transaction strengthens Immostar’s presence in Lebourgneuf, a rapidly growing commercial hub known for strong accessibility and sustained consumer traffic, said Immostar. The company added that it plans to optimize and enhance Complexes Capitale over the long term as part of a broader value-creation strategy aligned with the area’s continued growth.

Immostar is a Québec City-based integrated real estate developer, manager and investor with more than $1 billion in assets across commercial, industrial, residential and office sectors.

Primaris is a Toronto-based REIT focused on enclosed shopping centres, with a national portfolio totalling approximately 15.2 msf.

Pictured: Complexes Capitale in Quebec City.

Photo: Courtesy of Immostar