CANADA - The CAN$121bn (€82bn) Canada Pension Plan Investment Board (CPPIB) has acquired a 40% stake in Scotia Place, Edmonton.
Graeme Eadie, senior vice-president of real-estate investments, CPPIB, said: "As long-term investors, [this] addition to CPPIB's portfolio reflects our desire to acquire high quality real estate assets long-term potential."
The investment represents a continuation of the CPPIB's strategy to own core properties in strong real estate markets.
"We expect the Edmonton market top remain strong and Scotia Place, as a premier asset, will generate food returns," Eadie said.
Globally, the CPPIB has 5.1% of its entire portfolio ($6.2bn) in real estate investments, $3.6m of which are based in Canada.
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