Healthcare of Ontario Pension Plan (HOOPP) has bought 50% stakes in two shopping centres from fellow Canadian investor Ivanhoé Cambridge.
HOOPP said interests in the Devonshire Mall and Quinte Mall in Ontario were bought for around CAD240m (€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 “excellent additions” to its portfolio.
”These acquisitions are consistent with HOOPP’s strategy to own market-dominant malls, and assets such as these provide strong, stable returns to meet our pension promise to members,” Taylor said.
The firms said that 20 Ivanhoé Cambridge employees working in the operations of the two properties will continue their employment with 20 VIC Management, the properties’ manager.
The sale completes the repositioning of Ivanhoé Cambridge’s Canadian retail portfolio.
Arthur Lloyd, executive vice president of global investments, said the investor is now focused on expanding its Canadian retail platform through ”organic growth in key properties across the country”.
Ivanhoé Cambridge, Lloyd said, would also concentrate efforts on its Outlet Collection and Mills development projects in “key Canadian markets”.