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Oxford, CPPIB Seeking to Sell Quebec City Mall for $300M: Report
Oxford Properties and the Canada Pension Plan Investment Board aim to sell their Galeries de la Capitale mall in Quebec City for $300 million, according to a published report.
The Toronto-based investors have assigned RBC to market the property, reported a publication owned by commercial real estate advisory firm Green Street.
Galeries de la Capitale comprises 1.3-million square feet while serving 9.5 million shoppers annually and posting sales of $350 million per year.
The mall was built in 1981. According to the report, Initial majority owner Iberville Developments sold the asset to a consortium for $358 million, and CPPIB acquired an 80% stake. In 2013, the property was added to a CPPIB-Oxford joint-venture with each organization obtaining a 50% stake.
Oxford also assumed management of the mall.
Photo: Destination Quebec
- ◦Sale/Acquisition
