The Canada Pension Plan Investment Board has agreed to sell three regional shopping centres in Canada for more than $500 million.
Morguard Investments Ltd. has purchased the malls on behalf of its clients, Healthcare of Ontario Pension Plan (HOOPP) and Morguard Real Estate Investment Trust.
HOOPP will acquire a 100% interest in two Ontario retail properties: Intercity Shopping Centre in Thunder Bay and New Sudbury Shopping Centre in Sudbury.
“Market-dominant retail assets, such as these two commercial shopping malls, align with our commitment to pursue high-quality assets for HOOPP’s real estate portfolio,” says Michael Catford, HOOPP’s vice-president of real estate.
And Morguard Real Estate Investment Trust will acquire a 100% interest in Pine Centre Mall in Prince George, B.C.
The sale is expected to close in the middle of December.
- CPPIB, OMERS expand retail partnership
- Caisse, CPPIB form mall joint venture
- HOOPP invests more in Europe