Real estate firms teaming up to build outlet mall at Edmonton airport

MONTREAL -- A subsidiary of Quebec pension fund manager the Caisse de depot is teaming with a global real estate firm to build an outlet mall at Edmonton's international airport.

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The 38,500 square-metre enclosed centre with about 100 stores is scheduled to open in the fall of 2017, Ivanhoe-Cambridge and U.S.-based Simon Property Group (NYSE:SPG) announced Wednesday.

The airport Premium Outlet Collection will contain several stores, yet to be identified by brand, that will be new to Alberta.

The estimated cost of the development was not disclosed.

The mall will be Simon's fourth outlet centre in Canada, joining projects in Montreal, Toronto and Vancouver. The firm says it aims to own 100 outlet centres around the world.

Ivanhoe-Cambrige currently operates five outlet-style centres in key Canadian cities.

It will develop and manage the Edmonton outlet while both companies will jointly lease the property.

The outlet centre is part of master plan for Canada's fifth-busiest airport.

More than eight million passengers passed through the airport in 2014, double the traffic a decade earlier.


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