The Healthcare of Ontario Pension Plan has bought large stakes in two shopping malls from fellow Canadian pension fund Caisse de depot et placement du Quebec.
Ivanhoé Cambridge, the real estate arm of Canada’s second-largest pension fund, said on Friday it had sold its 50 percent interest in two Ontario shopping centers to a rival pension plan manager in Canada for C$240 million ($190 million) as part of a move to reposition its retail portfolio.
Ivanhoé, a subsidiary of the Caisse de depot et placement du Quebec, said the properties sold to HOOPP, or the Healthcare of Ontario Pension Plan, were the Quinte Mall in Belleville and the Devonshire Mall in Windsor.
“This transaction completes the repositioning of our retail portfolio in Canada,” Arthur Lloyd, Ivanhoe’s head of global Investments, said in a statement. “We are now focused on expanding our Canadian retail platform through organic growth in key properties across the country.”
The Healthcare of Ontario Pension Plan manages $51.6 billion in assets.
Caisse de depot et placement du Quebec manages $214 billion in assets.
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