CPPIB plans $147m mall investment
Canada Pension Plan Investment Board (CPPIB), the country’s largest pension fund, plans to invest US$147 million in a Chinese shopping mall.
It will be the second JV with its Chinese partner Longfor Properties.
CPPIB’s investment will give it a 49 per cent stake in the Chongqing West Paradise Walk, a six-level mall built in 2008 and developed by Longfor.
“This joint venture fits well with our investment strategy, allowing us to invest alongside a highly experienced partner in a high-quality real-estate asset,” says CPPIB’s head of real-estate investments in Asia Jimmy Phua.
CPPIB and Longfor established their first joint venture in 2014 with a mixed-use real-estate
project in Suzhou, which included the development of a Paradise Walk mall.