Healthcare of Ontario Pension Plan (HOOPP) has bought 50% stakes in two shopping centres from fellow Canadian investor Ivanhoe虂 Cambridge.
HOOPP said interests in the Devonshire Mall and Quinte Mall in Ontario were bought for around CAD240m (鈧�167m).
The assets, built in the 1970s, are let 96% and 98%, respectively.
Stephen Taylor, vice president of HOOPP Real Estate, said the malls are 鈥渆xcellent additions鈥� to its portfolio.
鈥漈hese acquisitions are consistent with HOOPP鈥檚 strategy to own market-dominant malls, and assets such as these provide strong, stable returns to meet our pension promise to members,鈥� Taylor said.
The firms said that 20 Ivanhoe虂 Cambridge employees working in the operations of the two properties will continue their employment with 20 VIC Management, the properties鈥� manager.
The sale completes the repositioning of Ivanhoe虂 Cambridge鈥檚 Canadian retail portfolio.
Arthur Lloyd, executive vice president of global investments, said the investor is now focused on expanding its Canadian retail platform through 鈥漮rganic growth in key properties across the country鈥�.
Ivanhoe虂 Cambridge, Lloyd said, would also concentrate efforts on its Outlet Collection and Mills development projects in 鈥渒ey Canadian markets鈥�.
