Ivanhoé Cambridge is investing CAD72m (€49.4m) in the redevelopment of a British Columbia shopping mall.

The Mayfair Shopping Centre in Victoria will be redeveloped over the next two years by Ivanhoé Cambridge, a subsidiary of Caisse de dépôt et placement du Québec.

The company said it would increase the gross leasable area of the asset from 42,180sqm to 51,470sqm by late-2018.

“With this strategic investment, we support Mayfair’s dominant market position on Vancouver Island”, said Claude Sirois, president of Ivanhoé Cambridge Retail.

“Not only will this project increase the centre’s offering but it will also bring changes that will go a long way in meeting our customers’ high expectations of a high quality shopping centre.”

The expansion will be anchored by two new large format stores. The investor said discussions are ongoing with brands seeking to establish their flagship location.

More rooftop parking, an interior renovation and enhanced access points are also part of the planned renovation.