Bentall Kennedy Acquires Retail Center Portfolio from Canada Pension Plan Investment Board
- Jan 14, 2014
On behalf of its Prime Canadian Property Fund, Bentall Kennedy has acquired a 100 percent freehold interest in three of Canada’s regional shopping centers. The Canada Pension Plan Investment Board (CPPIB) sold the properties for an undisclosed amount.
The portfolio comprises the White Oaks Mall, a 689,000-square-foot retail center in London, Ontario; the Hillside Centre, a 591,000-square-foot mall in Victoria, British Columbia; and Eastgate Square, a 505,000-square-foot mall in Hamilton, Ontario. The properties are anchored by Canada’s most influential retailers, including Hudson’s Bay, Wal-Mart, Target and Loblaw.
“This acquisition is consistent with the long-term investment strategy of the Bentall Kennedy Prime Canadian Property Fund. The fund’s retail strategy includes a focus on top quality regional shopping centers that offer an ‘experiential draw’ capable of attracting repeat customer visits,” said Paul Zemla, CIO for Bentall Kennedy Canada, in a news release.
The transaction was brokered by RBC Capital Markets Realty Inc. and CBRE Ltd.
Founded in 1982, the Bentall Kennedy Prime Canadian Property Fund invests primarily in office, retail, industrial and apartment properties across Canada. The company holds assets of more than $3.5 billion, on behalf of more than 120 Canadian and global institutional investors.
“We’re pleased to have been able to work with CPPIB on this transaction,” added Zemla. “They have managed these centers well and we look forward to ensuring that the centers continue to be great places to shop in the years to come.”
Bentall Kennedy includes Bentall Kennedy (Canada) Ltd. Partnership and Bentall Kennedy (U.S.) Ltd. Partnership. It is one of North America’s leading real estate investment advisors and providers of real estate services. The company serves the interests of more than 500 clients, with office, retail, industrial, and multi-family assets totaling more than $30 billion throughout Canada and the U.S.
Bentall Kennedy is also a member of the United Nations-supported Principles for Responsible Investment Initiative, an international network of investors working to achieve an economically efficient and sustainable global financial system.