The Healthcare of Ontario Pension Plan is exchanging a property portfolio for a stake in a new real estate investment trust.

Under the terms of the deal, eight properties — which a recent appraisal valued at $800 million — were given by the HOOPP to the Toronto-based Primaris Management Inc. In exchange, the HOOPP received 98.25 million units and 3.34 million exchangeable units — or a 26 per cent share — in the newly created REIT.

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Until Jan. 4, Primaris operated as a division of H&R REIT, Canada’s third-largest REIT. Following a reorganization at the trust, Primaris became an independent, publicly-traded REIT in its own right.

Before its separation, the division was also given control of 27 shopping mall business properties by H&R REIT, which were valued at $2.4 billion. In exchange, H&R REIT’s unit-holders received a 76 per cent share in the new business.

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