Montreal, Quebec – The Healthcare of Ontario Pension Plan (HOOPP) and Ivanhoé Cambridge announced today the conclusion of an agreement for the acquisition by HOOPP of Ivanhoé Cambridge’s remaining 50% interest in two Ontario shopping centres, Quinte Mall in Belleville and Devonshire Mall in Windsor, for approximately Cdn$240 million.
“This transaction completes the repositioning of our retail portfolio in Canada,” said Arthur Lloyd, Executive Vice President, Global Investments, at Ivanhoé Cambridge. “We are now focused on expanding our Canadian retail platform through organic growth in key properties across the country, and through our new Outlet Collection and Mills development projects in key Canadian markets.”
For his part, Stephen Taylor, Vice President, HOOPP Real Estate, said: “The Devonshire and Quinte Malls are excellent additions to our 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.”
Twenty Ivanhoé Cambridge employees working in the operations of the two properties will continue their employment with 20Vic, the properties’ manager for HOOPP.
Details of the properties:
|
Devonshire Mall Windsor, Ont. |
Quinte Mall Belleville, Ont. |
|
|
Year built: |
1970 |
1971 |
|
Number of tenants: |
153 |
102 |
|
Occupancy rate: |
96.0% |
98.0% |
|
Gross leasable area: |
1,084,817 ft2/ 100,800 m2 |
628,476 ft2/58,400 m2 |
|
Parking spaces: |
5,403 |
3,534 |
About the Healthcare of Ontario Pension Plan (HOOPP)
Created in 1960, HOOPP is the pension plan of choice for Ontario’s hospital and community-based healthcare sector with over 470 participating employers. HOOPP’s 286,000 members and pensioners include nurses, medical technicians, food services staff and laundry workers, and many other people who work hard to provide valued Ontario healthcare services.
As a defined benefit plan, HOOPP provides eligible members with a retirement income based on a formula that takes into account a member’s earnings history and length of service in the Plan. Once eligible members start receiving a pension, they receive it for life. About 80 cents of every pension dollar paid out comes from investment returns.
HOOPP is governed by a Board of Trustees with representation from the Ontario Hospital Association (OHA) and four unions: the Ontario Nurses’ Association (ONA), the Canadian Union of Public Employees (CUPE), the Ontario Public Service Employees’ Union (OPSEU), and the Service Employees International Union (SEIU). The unique governance model provides representation from both management and workers in support of the long-term interests of the Plan.