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.
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“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.”
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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.
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