Oxford Properties Group

Oxford Properties Group

October 09, 2014 06:30 ET

Oxford Properties and Carbonleo Join Forces as Owners and Managers of Montreal's 2.6 Million Square Foot Quartier DIX30™ South Shore Retail Centre

TORONTO, ONTARIO and MONTREAL, QUEBEC--(Marketwired - Oct. 9, 2014) - Oxford Properties Group, the real estate arm of OMERS, and Carbonleo, manager and developer of commercial real estate assets in Quebec, announce a partnership in Quartier DIX30™ and become joint owners and managers of the retail centre located in Brossard, on Montreal's South Shore. For Oxford, the deal means the acquisition of a 50% freehold interest in Quartier DIX30™. The transaction comprises the 2.3 million square feet of established multi-use retail assets, recognized as one of Canada's most dominant and successful retail assets, as well as two adjacent future developments totalling 295,000 square feet and scheduled for completion in 2015/2016. Oxford and Carbonleo will jointly own and manage the asset going forward through a joint venture relationship.

Located at the intersection of Highways 10 and 30, Quartier DIX30™ is Canada's second largest shopping centre and home to 310 stores, 53 restaurants, two live theatres, a cinema, a hotel and 330,000 square feet of office space. The centre, anchored by Walmart, Canadian Tire, Cineplex and Rona, includes a wide-variety of aspirational tenants including Apple, Michael Kors, Williams-Sonoma, Hugo Boss, Lululemon and Forever 21, as well as brands with unique addresses in Quebec such as Pottery Barn, hr2 Holt Renfrew and bebe. This dynamic retail, leisure and entertainment tenant mix helps the centre enjoy higher than average dwell times, and 43% of shoppers are in the key 15-34 age demographic.

The 210 acre site also provides ample options to leverage Oxford and Carbonleo's expertise to pursue active asset management and development opportunities to intensify the site. A light rail transit system connecting Brossard with Montreal is planned to be located across Highway 10, immediately adjacent to Quartier DIX30, and is scheduled to open in 2021.

The Oxford and Carbonleo partnership is a balance of strengths. Oxford has broad retail experience across its now almost 20 million square feet of retail space and has deep relationships with national and global retailers. Carbonleo has strong local expertise and intimate knowledge of the asset gained through its role as both developer and the manager responsible for Quartier DIX30™'s current highly successful position as a dominant Quebec retail centre.

Michael Kitt, Executive Vice President, Canada, at Oxford Properties commented: "Montreal is one of the most dynamic and productive retail markets in North America, and opportunities to acquire such dominant retail assets of the scale and prestige of Quartier DIX30 are a rarity. We are excited by the opportunities that our partnership with Carbonleo will bring. With the team's deep knowledge of the local market and the asset, combined with our long-term relationships with high-quality national and global retailers, we are confident we will continue to enhance Quartier DIX30's reputation as the pre-eminent retail destination on Montreal's South Shore."

Jean-François Breton, President of Carbonleo, added: "For Quartier DIX30, this important transaction is part of a long term development and growth vision. This new powerful partnership is sure to create value for this unique lifestyle centre. We are proud to manage Quartier DIX30 alongside our new partner, and we hope that this is the first of many such collaborations with Oxford Properties and that it will lead us to developing or buying more quality projects together in the future."

About Oxford Properties Group

Oxford Properties Group is a global platform for real estate investment, development and management, with over 1,750 employees and $27 billion of real assets that it manages for itself and on behalf of its co-owners and investment partners. Established in 1960, the company's portfolio includes over 50 million square feet of office, retail, industrial, multi-family and hotel properties. Oxford is the real estate arm of the OMERS Worldwide Group of Companies. For more information about Oxford visit: www.oxfordproperties.com. For more information about OMERS visit: www.omers.com

About Carbonleo

A private development and commercial property management leader in Quebec, Carbonleo is a company whose mission is to create urban lifestyle environments in the retail sector. After the division of Devimco, Carbonleo was founded in 2013 and today employs more than 60 people. This team has strong experience in property management and in retail; the headquarters are in Brossard, at the Quartier DIX30™. The company's many projects include its flagship, the Quartier DIX30™. Carbonleo is also currently working on developing new projects in the greater Montreal area.

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