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.

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Copyright © 2018 Transcontinental Media G.P. Originally published on

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