Ivanhoé Cambridge and Edmonton International Airport (EIA) announced today that they have entered into a conditional agreement to lease approximately 45 acres of land to develop a retail outlet destination called "The Outlet Collection at EIA", as part of the EIA's Highway Commercial Project.
Ideally located directly adjacent to the Queen Elizabeth II Highway, south of Airport Road, Ivanhoé Cambridge's The Outlet Collection at EIA will feature 32,500 m2 (350,000 ft2 ) of retail outlets offering value from over 85 renowned brands, all housed under one roof. The Outlet Collection at EIA will offer customers a comfortable environment and a new level of shopping experience that caters to all tastes and budgets.
"This project is an important step in the evolution of our new development program," declared Paul Gleeson, Executive Vice-President, Development, at Ivanhoé Cambridge. "With Vaughan Mills in Toronto (opened in 2004) and CrossIron Mills in Calgary (opened in 2009) successfully established, we have created the opportunity to evolve this value-offering into a pure outlet format for other dominant markets across Canada. Branded as 'The Outlet Collection,' the first of these new projects, The Outlet Collection at Niagara, is to open to the public on May 15, 2014."
"This is great news. It means more shopping, entertainment and hospitality options, not only for passengers, but forGreater Edmonton. The airport is a self-funded not-for-profit corporation, so airport revenue that is generated by leasing the land for this project will be reinvested into building better air service for the Edmonton Region. Ultimately, this will support more flights to more places", said Myron Keehn, EIA Vice President of Commercial Development.
Edmontonians are the highest retail-spending citizens per capita in Canada. With 7 million passengers a year, EIA is the fastest-growing major airport in Canada. Airport traffic has increased by 60% over the last 10 years andEdmonton's 1.2 million population is expected to grow by 15% over the next decade.
Targeting a fall 2016 opening, both parties expect to be able to satisfy the mutual conditions of the agreement in the first half of 2014, at which time full project details will be announced.
About Ivanhoé Cambridge
Ivanhoé Cambridge is a world-class real estate company that leverages its high-level expertise in all aspects of real estate including investment, development, asset management, leasing and operations, to deliver an optimal return for its investors. Through its multiple subsidiaries, its assets in more than 20 countries were valued at over Cdn$35 billion as at December 31, 2012. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada's leading institutional fund managers. For more information, visitivanhoecambridge.com.
About Edmonton International Airport
Edmonton International Airport (EIA) is Canada's fifth-busiest airport by passenger traffic and the largest major Canadian airport by land area. Canada's fastest-growing major airport in 2012, EIA serves 7 million passengers per year and offers non-stop connections to more than 50 destinations across Canada, the US, Mexico, the Caribbeanand Europe. For more information about Edmonton International Airport, visit www.flyeia.com.