Oxford Properties Group and CPP Investment Board (CPPIB) have bolstered their partnership in the retail market. The two companies have agreed to expand their 50/50 Canadian retail joint venture, which will see two regional malls added to it – one contributed by each partner.

As part of the transaction, Oxford has acquired a 50 per cent interest in Les Galeries de la Capitale shopping centre in Quebec City from CPPIB. CPPIB has acquired a 50 per cent interest from Oxford in the Upper Canada Mall in Newmarket, Ont.

Built in 1981, Les Galeries de la Capitale was expanded in 2011. It has approximately 250 shops and services over 1.5 million square feet.

Upper Canada Mall was built in 1974 and expanded in 2008. It has approximately 210 shops and services over 980,000 square feet.

Both shopping centres are anchored by The Bay, Target and Sears.

Oxford will manage both properties on behalf of the partners, increasing the size of its Canadian retail portfolio under management to 12 million square feet.