The Canada Pension Plan Investment Board (CPPIB) is buying eight shopping centres in a $230.5-million investment, the organization announced Monday.
The 431,000 sq. ft. Hillside Centre in Victoria was one of the purchases acquired from the Ontario Pension Board.
The CPPIB also acquired significant interests in seven other shopping centres in B.C., Ontario and Quebec from private real estate firm Osmington Inc.
CPPIB now owns 100% ownership interest in five properties within this portfolio and a 90% interest in the other two properties.
“These acquisitions expand our footprint in the Canadian retail sector, which is a strategic asset class within our real estate portfolio,” said Peter Ballon, CPPIB’s vice-president and head of real estate Real Estate investments – Americas. “Canadian regional malls of this quality seldom come to market, and this was an excellent opportunity for us to invest in eight prime assets in key markets.”
As of June 30, 2010, CPPIB’s real estate portfolio had an equity value of $7.9 billion, of which $3.6 billion represents Canadian real estate investments.