Devonshire Mall Under New Ownership
Friday January 30th, 2015
Posted at 9:49am
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Devonshire Mall has been sold but it’s business as usual for Windsor’s largest shopping centre.
The mall was sold by previous owner and property manager Ivanhoé Cambridge to the Healthcare of Ontario Pension Plan, or HOOPP, for a transaction price tag of $240 million. The sale, which was for Ivanhoé’s remaining 50% ownership stake, also included a second shopping centre in Belleville.
Twenty Ivanhoé Cambridge employees working in the operations of the two shopping centres will continue their employment with 20Vic, the properties’ manager for the pension plan.
“It is business as usual today for the team at Devonshire Mall,” says General Manager Chris Savard. “Transactions such as these happen in our industry from time to time. Our team will look back fondly at our time with Ivanhoe Cambridge and at the same time we look forward to continued success with 20 Vic.”
HOOPP represents 286,000 employees and pensioners including nurses, medical technicians, food services staff and others. Officials say the pension plan’s payouts to employees and retirees come primarily from investments such as Devonshire Mall.
Devonshire Mall has a 96% occupancy rate as of January 2015.