The Canada Pension Plan Investment Board (CPPIB) has purchased a 50 percent stake in a portfolio of office buildings and shopping centers in New Zealand for $417 million, according to the pension fund.
The portfolio was previously owned by Canadian pension peer PSP Investments; after the deal, PSP and the CPPIB each own a 50 percent stake.
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The portfolio comprises a mix of 13 well-located office properties and high-quality shopping centres totaling approximately 268,000 square metres. Located primarily in Auckland and Wellington, the properties are situated within the central business districts and growing metropolitan markets.
“With this acquisition, we are able to gain a meaningful presence in the New Zealand commercial real estate market, partnering alongside PSP Investments, who is a like-minded, long-term partner and extending our relationship with AMP Capital,” said Jimmy Phua, Managing Director, Head of Real Estate Investments – Asia, CPPIB.
In recent times, CPPIB can be seen expanding its investments in Asia Pacific with the region having about $51.3 billion invested as at March 31, 2016. In fact, CPPIB established its Hong Kong office in 2008, while the Mumbai office opened in 2015.