Woodgrove Centre to undergo $17 million renovation

Ivanhoé Cambridge announced today that the co-owners of Woodgrove Centre will make an investment of approximately $17 million to renovate the shopping centre located in Nanaimo, British Columbia. The renovation of the centre’s common areas, food court, entrance and exterior, will further strengthen Woodgrove’s position as the dominant retail destination on Vancouver Island.

“We are thrilled to be making a significant investment in a comprehensive renovation program and to propel the customer experience to a whole new level of modernity in our region, said Julia Dow, General Manager, Woodgrove Centre.

Some of the most important changes will include:

• The centre’s food court will be completely reconfigured and renovated, allowing the seating capacity to be increased. The new food court promises to offer a very modern and stylish setting with new amenities, including new recycling infrastructure and electric charging stations and much more.
• The guest services desk will be relocated and increased in size by approximately 1000 ft².
• A newly expanded guest services area will provide guests with unparalleled customer experience.
• WiFi will be made available throughout the property for the benefit of visitors.

The exterior painting work started at the end of August, and is well underway. The interior work will not start until 4th of January. The renovation work will be completed by November 2016, in time for the Holiday Season. The project will unfold in three phases: exterior work, interior work and exterior entrances and canopies. The work has been carefully planned to ensure there will be no disruption to the centre’s operations throughout the renovations.

With 751,547 ft² (69,820 m²) of space, Woodgrove Centre is the largest shopping centre on Vancouver Island. It features more than 140 retailers and welcomes close to 6 million visitors a year. 

For more information on Woodgrove Centre, please visit: woodgrovecentre.com

About Ivanhoé Cambridge

Ivanhoé Cambridge, a global real estate industry leader, invests in high-quality properties and companies in select cities around the world. It does so prudently with a long-term view to optimize risk-adjusted returns. Founded in Quebec in 1953, Ivanhoé Cambridge has built a vertically integrated business across Canada. Internationally, the Company invests alongside key partners that are leaders in their respective markets.

Through subsidiaries and partnerships, Ivanhoé Cambridge has direct or indirect interests in over 160 million ft2 (up to 15 million m2) of office, retail and logistics properties as well as in more than 23,000 multiresidential units. Ivanhoé Cambridge held more than Cdn$48 billion in total assets as at June 30, 2015. The Company is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), one of Canada's leading institutional fund managers. For further information: ivanhoecambridge.com.