Canada Pension Plan Investment Board Expands U.S. Real Estate Portfolio with Eight Key Transactions
- First direct entry into U.S. multifamily sector with over US$300 million combined equity investment in assets in the Boston, Washington, DC, Los Angeles, San Jose and Seattle areas - Acquisition of a 45% interest in a strategically-located office property in Washington, D.C. - Acquisition of a 32% interest in two prime Manhattan properties
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 08/03/11 -- The CPP Investment Board (CPPIB) announced today the completion of eight new real estate investments in the United States as part of the continued execution of its U.S. real estate investment strategy to acquire high quality assets in key markets, alongside best-in-class partners.
CPPIB made its first direct entry in the U.S. multifamily sector with the completion of the following investments:
Peter Ballon, CPPIB's Vice-President and Head of Real Estate Investments - Americas, said, "We see U.S. multifamily real estate investments as an attractive opportunity to build our portfolio in this sector over the coming years. Our multifamily strategy is to acquire or develop high quality, long-term assets in core, high barrier to entry markets alongside experienced and best-in-class partners with aligned interests."
"We believe that the limited supply of high quality rental properties and other broad demographic trends such as forecast population growth, declining home ownership and the echo-boom generation reaching peak rental propensity all support continued growth in the U.S. multifamily sector," said Mr. Ballon.
In addition to the multifamily investments, CPPIB recently completed acquisitions of three prime office properties in Manhattan and Washington, DC:
Mr. Ballon added, "In all, these are excellent investments that fully align with our U.S. real estate investment strategy and introduce CPPIB to a number of new, best-in class partners. All of the properties involved in these transactions are well positioned to deliver stable cash flows and retain their relative value across multiple business cycles. We will continue to pursue attractive real estate investment opportunities in key markets in order to expand our U.S. real estate portfolio."
About The CPP Investment Board
The CPP Investment Board is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, the CPP Investment Board invests in public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in London and Hong Kong, the CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At March 31, 2011, the CPP Fund totaled C$148.2 billion. For more information about the CPP Investment Board, please visit .
Contacts:
CPP Investment Board
Linda Sims
Director, Media Relations
(416) 868-8695
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Datum: 03.08.2011 - 07:30 Uhr
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News-ID 1027093
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