The Healthcare of Ontario Pension Plan (HOOPP) will acquire a 50% interest in two Ontario shopping centres for about $240 million from Ivanhoé Cambridge, the Caisse de dépôt et placement du Québec’s real estate subsidiary.

The centres are Devonshire Mall in Windsor and Quinte Mall in Belleville, with occupancy rates of 96% and 98%, respectively.

Read: HOOPP’s assets top $51 billion

“This transaction completes the repositioning of our retail portfolio in Canada,” says Arthur Lloyd, executive vice president, global investments, at Ivanhoé Cambridge. “We are now focused on expanding our Canadian retail platform through organic growth in key properties across the country, and through our new Outlet Collection and Mills development projects in key Canadian markets.”

Read: How HOOPP beat the downturn

Stephen Taylor, vice president, HOOPP real estate, says “these acquisitions are consistent with HOOPP’s strategy to own market-dominant malls,” adding that these assets provide strong, stable returns.

Twenty Ivanhoé Cambridge employees working in the operations of the two properties will keep their jobs with the properties’ manager for HOOPP, 20Vic.

Also read:

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

Join us on Twitter

Add a comment

Have your say on this topic! Comments that are thought to be disrespectful or offensive may be removed by our Benefits Canada admins. Thanks!

* These fields are required.
Field required
Field required
Field required