HOOPP Realty Inc. sells 11-property industrial portfolio for C$249M
September 17, 2019
249.00 Million CAD
On September 17, 2019, Pure Industrial Real Estate Trust ("PIRET") purchased an 11-property industrial portfolio in the Greater Montreal Area from Healthcare of Ontario Pension Plan ("HOOPP") for C$249 million. The portfolio measures about 1.5 million square feet, with the transaction pricing at about $166 per square foot. The acquisition, which is expected to be one of the biggest industrial real estate transactions in Canada this year, includes warehouses, distribution centres and logistics buildings. It is also believed to be one of the largest industrial transactions in Montreal's history.
PIRET is wholly-owned subsidiary of U.S.-based real estate giant Blackstone and Canadian institutional investor Ivanhoe Cambridge, owning 62 per cent and 38 per cent of PIRET respectively, having paid about $3.8 billion for it earlier this year. Prior to the takeover, PIRET had been one of the most active purchasers of industrial property in Canada and the U.S.
HOOPP is a defined benefit pension plan that tailors their plan to the healthcare sector while building a foundation for a financially secure retirement for Ontario's healthcare workers. HOOPP's pension fund serves more than 350,000 healthcare workers across Ontario.
McCarthy Tétrault advised HOOPP in the sale with a team led by James Papadimitriou that included Annie Gagnon-Larocque, Matthew Pekofsky and Nadir Pracha.