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Healthcare of Ontario Pension Plan (HOOPP) closed its first U.K. real estate deal, coughing up $159-million for a 50 per cent stake of London's St. James's Gateway development. The deal is also HOOP's first direct property investment outside Canada.

The remaining 50 per cent of the St. James development will be held by U.K.'s Crown Estate, which holds about $10.4-billion of real estate including Regent Street and Regent's Park.

Once completed, the St. James development will offer 57,000 square feet of office space, 21,000 square feet of retail space and 19,000 square feet of residential space . The area is just to the southwest of Piccadilly Circus.

Often overshadowed the Ontario Teachers' Pension Plan, HOOPP is the pension provider for Ontario's hospital and community health workers. The group's total assets are valued around $31-billion.

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