Caisse de dépôt et placement du Québec (CDPQ) and Investissement Québec (IQ) have invested $44 million in La Maison Simons Inc., a family owned firm. CDPQ and IQ are investing $27 million and $17 million respectively.
CDPQ and IQ investment will form part of a $215 million investment for a new, state-of-the-art, multi-service fulfilment centre slated to open in 2020.
Québec government will provide an $81 million term loan, $51 million of which will be used to purchase automated equipment.
The multi-service fulfilment centre’s construction will begin over the next few weeks. Property financing (building and land) required the implementation of a real estate partnership that will involve the Simons family, CDPQ, IQ, and Fonds immobilier de solidarité FTQ which is contributing $20 million for purchasing the land and building the new centre, which will be worth approximately $100 million. Based on the agreement, Simons will be the long-term tenant of the facility.
Founded in 1840 by John Simons and currently led by brothers Peter and Richard Simons, Simons offers an extensive and fashion-forward collection of its own exclusive and innovative private label brands for men and women. Simons also carries home fashions for the bedroom, bathroom and kitchen.
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