(Reuters) – 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 $240 million (US$190 million) as part of a move to reposition its retail portfolio.
Ivanhoé, a subsidiary of the Caisse de dépôt et placement du Québec, 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.”
HOOPP said the acquisitions were consistent with its strategy to own malls and assets that provide strong, stable returns.
(Reporting by Euan Rocha; Editing by Lisa Von Ahn)
Photo courtesy of Ivanhoé Cambridge