Primaris and Immostar Expand Quebec City Footprint with $62.3M Retail Complex Acquisition
Event summary
- $62.3M acquisition of North and South Complexes of Les Galeries de la Capitale in Quebec City.
- Immostar holds 75% stake, Primaris takes 25% in the deal.
- Complexes total 307,900 sq ft of open-air retail space, fully leased to national tenants.
- Expands combined site footprint from 93 acres to approximately 122 acres.
The big picture
This acquisition strengthens Primaris' position in Quebec City's high-growth Lebourgneuf sector, consolidating its retail portfolio while expanding development opportunities. The deal reflects a strategic focus on open-air retail adjacent to enclosed shopping centers, aligning with broader trends toward mixed-use real estate investments.
What we're watching
- Development Potential
- How the expanded site footprint will influence future development plans for Les Galeries de la Capitale.
- Market Dynamics
- Whether Lebourgneuf's growth trajectory can sustain continued retail investment in Quebec City.
- Partnership Synergy
- The pace at which Immostar and Primaris can coordinate master planning for the combined site.
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