Les Promenades gets new owners

Gatineau’s largest shopping mall, Les Promenades de L’Outaouais, has changed hands to a dual ownership by Oxford Properties Group and investment firm Montez Corp.

The 835,000-square-foot facility at 1100 Maloney Ouest has about 185 stores, mainly in high-end fashion. Anchor tenants include The Bay and Costco, and there is also an office for the Canada Revenue Agency, according to Les Promenade’s website.

Oxford Properties, the real estate arm of OMERS Worldwide group of companies, will also manage the property.

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This is the second alliance between Oxford Properties and Montez. In 2011, the companies acquired the Hillcrest Mall, near Toronto, for an undisclosed sum.

“The acquisition of Les Promenades de L’Outaouais is in line with Oxford’s Canadian strategy to grow its portfolio of owned and managed properties and to actively manage them to create long term value,” Oxford Properties stated.

A representative from Oxford Properties could not immediately be reached for comment concerning the acquisition price or other details.

The firm actively manages 8.5 million square feet of properties in Canada. It helmed the development of Ottawa’s Constitution Square, and on its website lists leasing opportunities for retail and commercial spaces in the three-tower complex.

The previous owner of Les Promenades, Montreal-based Canpro Investments Ltd., states on its website that the mall was built in 1978 and renovated in 2007.

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