Prince George, B.C.- The Pine Centre Mall will soon have ONE owner.

 

The Canada Pension Plan Investment Board has purchased  a further 20% of the shares in the mall, to make it the  full owner of 100% of the shares in  the Pine Centre Mall. The CPPIB also boosted shares to result in full ownership of  7 other malls in the country.

 

Combined, the deals for the 8 malls are worth $335.5 million dollars.

 

The other malls purchased  outright are:

·         White Oaks malls in London, Ont.,

·         Eastgate Square in Stoney Creek, Ont.,  

·         Sudbury Centre in Sudbury, Ont., and

·         the Intercity Shopping Centre in Thunder Bay, Ont.

·         Hillside Centre in Victoria, B.C

 

The CPPIB has increase its shares in two other malls to a  90% share ownership of :

·         Les Galeries de la Capitale in Quebec City and

·         Carrefour de L'Estrie in Sherbrooke, Que.

 

Peter Ballon, CPPIB’s Vice-President and Head of Real Estate Investments - Americas, said, “These acquisitions expand our footprint in the Canadian retail sector which is a strategic asset class within our real estate portfolio. Canadian regional malls of this quality seldom come to market and this was an excellent opportunity for us to invest in eight prime assets in key markets.”

 

As of the end of June this year, the Canada Pension Plan Investment Board had a real estate portfolio worth $7.9 billion in late June.