In a US$309 million transaction, Quebec group Douville, Moffet et Associés (DMA) joins forces with Ivanhoé Cambridge and buys 50% of Laurier Quebec to undertake a US$1 billion project over 10 years .
• Also read: The bay leaves Laurier Quebec
The face of the Laurier Québec shopping center will change. The real estate transaction completed yesterday is likely to be the largest in the Quebec region in 2022, according to the President of DMA, who is “very proud” of his acquisition and has great ambitions for this building, which has the greatest value on the City of Quebec’s appraisal list .
For Pierre Moffet, Laurier Québec is the “Holy Grail”. “You can’t make a better investment. Strategically located near CHUL, a national hospital, Laval University, the head of the bridges and on the route of the future tramway, it offers plenty of room for development.
Pierre Moffet and his partners Guillaume Bard and François Moffet intend to take advantage of this to erect towers at the four corners of the existing building, which has just been renovated, on the spaces currently occupied by above-ground car parks.
“A city within the city”
“We want to create a city within a city,” the promoter dreams. “We want people to be born in CHUL, move to Laurier, grow up there, work there, grow old there, have fun there and shop there,” he explains.
Because in the DMA project all this will be possible.
Photo agency QMI, René Baillargeon
Guillaume Bard, Vice President Operations, Pierre Moffet, President, and François Moffet, Vice President Development at Douville, Moffet et Associés (from left to right).
Housing, student dormitories, retirement homes, daycare centers, hotels, offices, theaters, clinics, restaurants are part of the plan, among other things. The promoter will ensure that the number of parking spaces remains sufficient: they will mainly be underground.
The building will triple in size in a decade, buyers predict. From 1.3 million square feet it will increase to 3.5 million. The first tower will be built in the next few years in the north-east sector in the parking lot on the corner of Hochelaga and Jean-De Quen.
On the southeast corner, the La Baie store, which has announced its closure, is being demolished to make way for a tall building. To the northwest, the tower towers over the existing multi-storey concrete car park.
DMA remains a partner of Ivanhoé Cambridge. The latter will participate in the financing of the development project. DMA is given carte blanche to manage the building, explains Pierre Moffet. “We were born and raised in Quebec. For us it is a great pride. »
“Through this partnership with DMA, Ivanhoé Cambridge joins forces with a leading Quebec player with whom it shares a common vision aimed at revitalizing an iconic shopping center in Quebec City,” said Julie Bourgon, Head of Centers Commercial at Ivanhoé.
“Ivanhoé Cambridge strives to make a real impact in Quebec and is excited to be part of the growth of a local entrepreneur while expanding into new niches. »
The $309 million transaction is being completed based on a $200.8 million loan from Desjardins and a $108.1 million deposit from DMA and Ivanhoé Cambridge.
DMA’s acquisition of a 50% interest includes the Frontenac and Champlain towers already on site.
Ivanhoé Cambridge, a subsidiary of Caisse de depot et Placement du Québec, which has owned 100% of the property since 2000, will retain 50% of the mall.
LAURIER, THE PROJECT IN BRIEF
Investments tripled in 10 years, reaching $1 billion
- 4 messages Towers around the existing building:
- to the northeast : 400 housing units
- to the northwest : apartment rental
- In the south East: Residence for the elderly of 600 units
- in the southwest: hotels, condominiums
17 floors along Boulevard Laurier, 13 floors along Boulevard Hochelaga (building allowed)
Real estate redevelopment potential of over 2 million square feet, equivalent to over 2,000 homes
11 million visitors per year at Laurier in 2019
WHO IS DMA?
- Promoter, developer and real estate manager in the Quebec region
- $1.125 billion Real estate assets held directly, jointly or under development
- Built-up area QB (684 units), La Suite (500 units), Le WOW (234 units), Le Divin (285 units)
- Also owns buildings in Ottawa
- 2021 Acquisition of Oxford Properties’ residential portfolio (526 units)