The Cadillac Fairview Corporation Limited

The Cadillac Fairview Corporation Limited

April 03, 2009 12:20 ET

Cadillac Fairview Announces $12 Million Renovation at McAllister Place

Exciting renovation focuses on customer experience and supporting local Saint John economy

SAINT JOHN, NEW BRUNSWICK--(Marketwire - April 3, 2009) -

Attention: Assignment Editors, Business, Real Estate, and Retail Editors/Desks

Customers will enjoy an even greater shopping experience at McAllister Place with today's announcement by Cadillac Fairview that a $12 million renovation is in the works at the regional shopping centre. Construction will begin in May 2009 and is scheduled for completion in early 2010.

"McAllister Place is responding to the positive growth that has occurred in the greater Saint John area," said Brian MacMullin, General Manager of McAllister Place. "Once completed, the revitalized shopping centre will offer our customers exceptional shopping choices with many first-to-market retailers, a premier service commitment and an enhanced level of comfort for the entire family." Construction will be phased over approximately eight months and will be carried out in stages to minimize shopper inconvenience.

Features of the new McAllister Place will include:

- Internal physical upgrades including new flooring and ceiling treatments;

- Increased ceiling height with new lighting and sky lights;

- New and renovated entrances;

- Renovated washroom facilities;

- Renovated food court with new seating areas and 35 per cent more seating capacity; and

- Warmly-lit soft seating areas.

"This investment by Cadillac Fairview proves that the retail sector in Saint John is growing and thriving! These renovations are more good news for our city" said Imelda Gilman, President of the Saint John Board of Trade. "As a Board of Trade we are actively working with our retail members (and other stakeholders/organizations) to promote Saint John as a shopping destination. Cadillac Fairview's initiative shows their commitment to further strengthen the retail sector in Saint John. Our city is bucking the national trend in retail sales and this is exemplified in the renovations McAllister Place is about to undertake."

About McAllister Place

McAllister Place is Saint John's premier fashion destination. With more than 110 stores and services including Sears, Zellers, Toys R Us and Sobeys, McAllister Place provides a complete shopping experience with first-to-market retailers and superior amenities.

About The Cadillac Fairview Corporation Limited

The Cadillac Fairview Corporation Limited is one of North America's largest investors, owners and managers of commercial real estate. For more than 50 years Cadillac Fairview has been leading the way in commercial real estate with innovative design, development and management. Cadillac Fairview focuses on high quality office properties and regional shopping centres in Canada and the United States and oversees equity investments in real estate companies and international investment funds. With a portfolio valued at more than $16 billion, Cadillac Fairview and its affiliates own and manage 84 properties, including three New Brunswick properties, McAllister Place, Champlain Place and Regent Mall.

For more information about McAllister Place, and the exciting changes underway, please visit www.mcallisterplace.ca. For more information about Cadillac Fairview, visit www.cadillacfairview.com.

NOTE: To view the image associated with this press release, please visit the following link - http://media3.marketwire.com/docs/cadi0403.pdf

Contact Information