Canada Pension Invests In Malaysian Development Project; Marks Fund’s First Direct Real Estate Investment in Southeast Asia

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The Canada Pension Plan Investment Board (CPPIB) this week made its first ever direct investment in Southeast Asian real estate; the fund has committed $130 million to a Malaysian real estate development project.

CPPIB is investing alongside the Pavilion Group, and the fund will have a 49 percent stake in the project.

More from Reuters:

Toronto-based CPPIB said along with the Pavilion Group it has formed a venture to invest in Pavilion Damansara Heights, a mixed-use development project in Kuala Lumpur, Malaysia’s largest city.

The project is a freehold development that integrates corporate towers, luxury residences and a retail galleria located less than 10 kilometers (6.2 miles) from Malaysia’s iconic Petronas Twin Towers.

“This joint venture fits well with our investment strategy as it provides us with a great opportunity to work with a smart partner in a high-quality real estate asset that will provide attractive risk-adjusted returns over the long term,” Jimmy Phua, CPPIB’s head of real estate investments in Asia, said in a statement.

The CPPIB manages about $142 billion in assets.

 

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