French developer Ubisoft announced plans to open a major game development studio in Toronto.  Ubisoft Montreal CEO Yannis Mallat; who will head the new Toronto studio, held a press conference earlier today with Ontario Premier Dalton McGuinty to make the announcement.  The provincial government is set to invest $263 million over 10 years with Ubisoft investing another $500 million.  Mallat said the focus of the new studio will be to develop Triple-A titles; something his current Montreal studio is no stranger to, having developed the Splinter Cell, Prince of Persia and Assassin’s Creed franchises in the past.

This is huge news for the city.  The studio is expected to employ upwards of 800 people and will be located in the heart of downtown Toronto.  We’ll post more details as they become available.

Via CBC