Bentall Kennedy has acquired three shopping centres on behalf of its Prime Canadian Property Fund from the Canada Pension Plan Investment Board (CPPIB).

The portfolio consists of White Oaks Mall in London, Ont., Hillside Centre in Victoria, B.C., and Eastgate Square in Hamilton, Ont.

Influential retailers such as Hudson’s Bay, Walmart, Target and Loblaw anchor the malls. White Oaks comprises 698,000 square feet of gross leaseable area, while Hillside has 591,000 square feet. Eastgate features a total of 505,000 square feet.

“This acquisition is consistent with the long-term investment strategy of the Bentall Kennedy Prime Canadian Property Fund,” says Paul Zemla, Chief Investment Officer of Bentall Kennedy Canada. “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.”

The Prime Canadian Property Fund holds more than $3.5 billion in Canadian real estate assets 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,” Zemla says. “They have managed these centres well and we look forward to ensuring that the centres continue to be great places to shop in the years to come.”