Bentall Kennedy has purchased three regional shopping malls from the Canada Pension Plan Investment Board (CPPIB) on behalf of its Prime Canadian Property Fund.
Financial terms of the deal were not disclosed.
The shopping centres are White Oaks Mall, a 689,000-square-foot mall in London, Ont.; Hillside Centre, a 591,000-square-foot mall in Victoria; and Eastgate Square, a 505,000-square-foot centre in Hamilton.
“This acquisition is consistent with the long-term investment strategy of the Bentall Kennedy Prime Canadian Property Fund,” says Paul Zemla, chief investment officer for Bentall Kennedy Canada. “The fund’s retail strategy includes a focus on top-quality regional shopping centres that offer an ‘experiential draw’ capable of attracting repeat customer visits.”
The Bentall Kennedy Prime Canadian Property Fund holds more than $3.5 billion in Canadian real estate assets on behalf of more than 120 Canadian and global institutional investors.
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