Morguard Closes Canadian Retail Acquisitions

Morguard Investments Limited  has completed its previously announced acquisition of three regional shopping centres in Canada on behalf of its clients, Healthcare of Ontario Pension Plan ("HOOPP") and Morguard Real Estate Investment Trust.
 
The three regional shopping centres were acquired from Canada Pension Plan Investment Board ("CPPIB") for a purchase price totaling more than $500 million CDN (excluding closing costs).
 
HOOPP has acquired a 100 percent freehold interest in two Ontario retail properties including Intercity Shopping Centre located in Thunder Bay, ON and New Sudbury Shopping Centre located in Sudbury, ON.
 
Morguard Real Estate Investment Trust has acquired a 100 percent freehold interest in Pine Centre Mall located in Prince George, BC.
 
The acquired assets will be managed by Morguard, adding approximately 1.5 million SF of retail space to the current managed portfolio bringing total assets under management to approximately $14.5 billion CDN.
 

on December 13, 2013