MISSISSAUGA, Ont. – The Canada Pension Plan Investment Board is selling three regional shopping centres in deals with a combined value of $500 million.
Real estate and property management company Morguard Investments Ltd. says it has agreed to buy the shopping centres — two in Ontario and one in British Columbia — on behalf of the Healthcare of Ontario Pension Plan, commonly referred to as HOOPP, and Morguard Real Estate Investment Trust (TSX:MRT.UN).
The purchases are expected to close by Dec. 12.
HOOPP will acquire a 100 per cent freehold interest in two Ontario retail properties, Intercity Shopping Centre in Thunder Bay and the New Sudbury Shopping Centre in Sudbury
Morguard REIT will acquire a 100 per cent freehold interest in Pine Centre Mall in Prince George, B.C.
All three assets will be managed by Morguard, adding approximately 1.5 million square feet of retail space to the current managed portfolio bringing total assets under management to approximately $14.5 billion.
Morguard REIT owns a diversified portfolio of 54 high-quality retail, office and mixed-use properties in Canada with an approximate value of $2.8 billion and comprising approximately 9.1 million square feet of leaseable space.
HOOPP is an Ontario’s hospital and community-based health-care sector pension plan with more than 440 participating organizations. Its 274,000 members include nurses, medical technicians, food services staff, laundry workers and others.
