Québec Inc. and Montez l'Outaouais Inc., affiliates of Oxford Properties Retail Limited Partnership and Montez Core Income Fund Limited Partnership respectively, acquired the dominant regional enclosed shopping centre in Gatineau, Québec, from Canpro Investments Ltd., wholly owned by David Azrieli, for a purchase price of $220.25 million. The shopping centre, known as Les Promenades de l'Outaouais, has a total rentable area of over 840,000 square feet and includes a three-storey office building and three freestanding pads on a site of approximately 56 acres.
Anchored by Costco and the Hudson Bay Company and leased to leading national retailers, the property receives approx-imately eight million visitors annually.
Oxford Properties Retail Limited Partnership was represented internally by Gawain Smart and Renée Vézina. Montez Core Income Fund Limited Partnership was represented internally by Morty Gross of Borden Ladner Gervais LLP.
Both purchasers were represented by Davies Ward Phillips & Vineberg LLP with a team that included Stefan Fews, Flo-rence Simard and Hillel Rosen. Marc Rubin of DeGrandpré Chait LLP represented Canpro Investments Ltd., with Arnold Isaacson, notary, of Isaacson, Levy & Steinberg.