The Healthcare of Ontario Pension Plan (HOOPP), in partnership with European real estate investment firm Meyer Bergman, has purchased two shopping malls in the Czech Republic for approximately $402 million (€290 million).

The New Karolina mall, located in Ostrava, has 58,000 square metres of leasable shopping area, while the Forum Usti, with 27,000 square metres of shopping space, is located in the city of Usti.

“We’re pleased about HOOPP’s first real estate investment in the Czech Republic,” says John Crocker, HOOPP’s president and CEO. “Real estate investments closely match the needs of our members, since the investment provides a steady stream of income. It’s also an excellent hedge against inflation. HOOPP has more than $5 billion in real estate, and these acquisitions with our European partner are a fine addition to our portfolio.”

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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