Galeries de la Capitale will soon change hands

Galeries de la Capitale will soon change hands.

Oxford Properties, a co-owner for 11 years, was first reported to have opted for the diversion The the sun.

According to a site specializing in real estate affairs Green Street, RBC Bank has received an order to sell the 1.3 million square foot building for about $300 million.

The shopping center was built in 1981 and the Canada Pension Plan Investment Board has been the other co-owner since 2013.

According to the latest property appraisal from Quebec City, the land is valued at $61M and the building at $237M, for a total of $298M.

Investor Marcel Adams sourced the shopping center with Les Developments Iberville. The Canadian billionaire died in 2020 at the age of 100.

Les Galeries de la Capitale is one of the largest shopping complexes in Eastern Canada and one of the busiest in the region.

The place has also become an economic engine for Quebec. Mega Park was built in 1988 to attract families.

The Galeries de la Capitale welcomes 9.5 million visitors a year.