In a third investment deal in retail real estate in China within in two weeks, the Canadian Pension Plan Investment Board (CPPIB) has signed up to acquire a 40 per cent interest in the Pavilion Dalian shopping mall for $162 million.

This takes the period’s spending to $684 million for Canada’s largest pension fund. Its latest acquisition is fully leased with the usual mix of local and international brands as well as international eateries.

“Acquiring a stake in Pavilion Dalian is consistent with our real-estate strategy of investing in high-quality, well-located retail assets with leading partners” says CPPIB head of real-estate investments for Asia Jimmy Phua.

CPPIB acquired its stake in the retail complex from Malaysia’s Pavilion Group, which opened the mall last year. The deal comes just 14 days after CPPIB put up $147 million for a 49 per cent stake in Longfor Properties’ West Paradise Walk. The six-level shopping mall in the western Chinese city of Chonqing had has a 99 per cent occupancy rate for the past two years.

Also within the last fortnight, CPPIB invested more than $375 million for a 25 per cent stake in CapitaLand’s Raffles City China Investment Partners III fund. The $1.5 billion investment vehicle targets mixed-use developments in China’s gateway cities.

A few years ago, CPPIB invested $202 million for a stake in Times Paradise Walk in Suzhou.