Half of Devonshire Mall sold to Ontario health-care pension fund

MONTREAL - Ivanhoe Cambridge is selling its remaining 50 per cent stake in two Ontario shopping centres, in Windsor and Belleville, for $240 million as part of a strategic shift in the type of property it owns.

The Montreal-based company said Friday the sale of its 50 per cent interest in Windsor's Devonshire Mall and Belleville's Quinte Mall completes the repositioning of Ivanhoe Cambridge's real estate portfolio in Canada.

The buyer is Healthcare of Ontario Pension Plan, or HOOPP, which manages retirement funds for about 470 hospitals and other employers and more than 286,000 active and retired employees.

Ivanhoe Cambridge is the real estate arm of Caisse de depot, which manages funds for Quebec's public-sector.

Twenty Ivanhoe Cambridge employees will be transferred to 20Vic, the property manager for HOOPP.