The Healthcare of Ontario Pension Plan (HOOPP) and Meyer Bergman, a European real estate investment firm, have purchased two shopping malls in the Czech Republic for approximately $402 million (€290 million).
The New Karolina mall, located in Ostrava, has 58,000 sq. m. of leasable shopping area, while the Forum Usti, with 27,000 sq. m. of shopping space is located in the city of Usti.
“We’re pleased about HOOPP’s first real estate investment in the Czech Republic,” said John Crocker, HOOPP President & CEO. “Real estate investments closely match the needs of our members, since the investment provides a steady stream of income. It’s also an excellent hedge against inflation. HOOPP has more than $5 billion in real estate, and these acquisitions with our European partner are a fine addition to our portfolio.”
Markus Meijer, Chief Executive and Founder of Meyer Bergman, commented: “The completion of this transaction with our co-investment partner HOOPP is a landmark for Meyer Bergman. We believe in the strength of the Czech economy and its retail environment and are confident that that these prime shopping centres are well placed to deliver strong value creation for our investors.”
About the Healthcare of Ontario Pension Plan
Created in 1960, the Healthcare of Ontario Pension Plan (HOOPP) is the pension plan of choice for Ontario's hospital and community-based healthcare sector with over 370 participating employers and more than 260,000 plan members and retirees. HOOPP invests the assets of its $35.7 billion Fund, administers the Plan and pays more than $1.2 billion per year in pension benefits. The HOOPP defined benefit plan is a formula based benefit that provides security and peace of mind to Ontario's healthcare workforce.
HOOPP has a strong history of providing pensions to Ontario's healthcare community. It's one of the biggest and most respected pension plans in the country and is an industry leader among multi-employer plans.
HOOPP was named one of Canada's 10 Most Admired Corporate Cultures in 2010.
As a defined benefit plan, HOOPP provides eligible members with a retirement income based on a formula that takes into account a member's earnings history and length of service in the Plan. Once eligible members start receiving a pension, they receive it for life. HOOPP's assets are actively managed using a diversified, long-term investment strategy.
HOOPP is governed by a Board of Trustees with representation from the Ontario Hospital Association (OHA) and four unions: the Ontario Nurses' Association (ONA), the Canadian Union of Public Employees (CUPE), the Ontario Public Service Employees' Union (OPSEU), and the Service Employees International Union (SEIU). The unique governance model provides representation from both employers and unions in support of the long-term interests of the Plan.
For further information please contact Martin Biefer Director, Public Affairs at 416 369-8045.