Harden Announces Strategic Sale of the 3^rd Phase of Méga Centre Notre-Dame, Accelerating Laval Redevelopment and Community Growth

VAUDREUIL-DORION, Québec--(BUSINESS WIRE)--Harden announces the strategic sale of a 27-acre portion of Méga Centre Notre-Dame in Laval to Rosefellow, a leading Montreal-based industrial real estate developer for a purchase price of $75M This transaction marks a key milestone in the site’s transformation, supporting broader redevelopment efforts and reinforcing a long-term commitment to enhancing Laval’s economic and commercial vitality. Harden co-owns the property with RioCan in a 50% partnership which is dedicated to the site’s evolution and its strategic importance to the region.

As part of a shared vision to unlock the full potential of this highly visible and accessible site along Highway 13, the Harden-RioCan partnership is reinvesting in the retail component of the property following the sale. The portion sold to Rosefellow was a less productive area of the site. This strategic disposition enables targeted reinvestment into the retail core of Méga Centre Notre-Dame, accelerating its transformation into a productive, dynamic destination for residents, workers, and visitors alike.

“We are proud to continue our role in strengthening Laval’s retail and commercial environment,” said Tyler Harden, Co-Chief Executive Officer, Harden. “This sale supports a broader redevelopment vision that brings new energy and economic growth to the area. With new retailers like Sephora already open, Krispy Kreme on the way, and major expansions by iconic brands such as Winners/HomeSense, Gap, Banana Republic, La Vie En Rose, Dollarama and Poulet Rouge, Méga Centre Notre-Dame is entering a new chapter that reflects our dedication to creating lasting value for residents and businesses alike.”

This transformation includes the expansion of Winners/HomeSense into one of the largest stores of its kind in Quebec, with a footprint of approximately 70,000 square feet, and a significant expansion by Dollarama. These enhancements, coupled with the arrival of high-profile brands like Sephora, reinforce the centre’s appeal and solidify its role as a commercial anchor in Laval.

“This transaction highlights the strength of our retail portfolio and our ability to strategically unlock value from well-located assets,” said Jonathan Gitlin, President and CEO, RioCan Real Estate Investment Trust. “By monetizing a less productive portion of the site at an 80% premium to IFRS value and reinvesting in its high-performing core, we have strengthened the long-term viability of Méga Centre Notre-Dame and delivered meaningful value for our unitholders."

Rosefellow’s planned $200 million redevelopment will introduce three state-of-the-art industrial buildings, meeting the growing regional demand for high-performance logistics and light industrial space. This development will complement the centre’s retail operations, creating a mixed-use hub that draws value from both sectors while serving the evolving needs of the community.

A dynamic tenant reconfiguration is already underway, with established retailers like GAP, Banana Republic, La Vie En Rose, Carter’s OshKosh, Dormez-Vous, Dollarama, Sushi Shop, Thai Express, Service Canada, and SQDC relocating within the site to optimize layout and enhance the shopping experience. This reimagining also makes room for innovative new concepts, including Mondou’s next-generation store and a refreshed Second Cup café, adding renewed energy and tenant mix to the centre.

Harden, in partnership with RioCan, continues to actively manage and enhance the remaining portions of Méga Centre Notre-Dame. A portion of these improvements is already complete, reflecting the partners’ ongoing commitment to improve the site’s layout, aesthetics, and visitor experience. This sustained effort underscores their dedication to shaping vibrant, welcoming spaces that support the community and long-term commercial vitality.

About Harden

Established in 1985, Harden is a second generation, family-owned real estate company whose primary focus is owning and operating commercial, residential, and industrial properties in many communities throughout the provinces of Quebec and Ontario. Vertically integrated, Harden specializes in all facets of the real estate development process, including, development, construction, leasing, and asset management.

To learn more about Harden, please visit www.harden.ca