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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