The real estate arm of the Ontario Municipal Employees’ Retirement System is operating the most productive shopping centre in Canada, according to a new report from the International Council of Shopping Centers.
Toronto’s Yorkdale Mall returned annual sales of US$24,000 per square metre of retail space in 2022, more than any other Canadian mall. The shopping centre, acquired by Oxford Properties Group in 1998, generated US$2 billion in sales in 2022, making it the mall’s most profitable one in more than a decade.
“For almost 60 years, Yorkdale has been a leader in the industry with its unrivaled mix of first to market, luxury and flagship retailers, said Bradley Jones, head of leasing at Oxford Properties, in a press release. “That attracts both brands and shoppers from across Canada and the world.”
Oxford Properties has invested more than $500 million improving and expanding the midtown mall, including the adoption of smart technologies, advanced analytics, new air filtration and cleaning systems, a green roof and solar panels.
In other news, the Ontario Teachers’ Pension Plan is acquiring a 50 per cent stake in renewable natural gas company Sevana Bioenergy for an undisclosed sum. It’s also entering a strategic partnership with the business to invest $250 million in the development of renewable natural gas projects across North America.
Founded in 2017, Sevana upgrades large biogas facilities to increase production of renewable natural gas through the decay of organic waste. It also generates electricity as a by-product of this process.
“Sevana has a demonstrated track record of success in the implementation of cutting edge [renewable natural gas] facilities and we are excited by the opportunity to further scale the company as it enters its next chapter of growth,” said Zvi Orvitz, senior managing director of sustainability and energy transition private capital at the Ontario Teachers’, in a press release.