Canada's biggest pension fund, the C$125bn (US$81bn) Caisse de dépôt et placement du Québec (CDP), has bought a 45% stake in New York property One Park Avenue for C$360m from SL Green Realty.
The purchase, made by CDP's real estate investment management division SITQ Immobilier, is the fund’s first in Manhattan. One Park Avenue is a 20-story office building with approximately 913,000 square feet. The property is located on the entire block front on Park Avenue, between 32nd and 33rd Streets.
Denis Epoh, director of investments of SITQ Immobilier, said: We are pleased to make our first investment in the Manhattan office market with SL Green as our partner. We believe that our partnership represents the ideal combination of their local market expertise and our global perspective and experience.
Stonehenge Partners advised SITQ Immobilier on this transaction. SL Green was advised by Schonbraun, Safris McCann and Bekritsky & Co.
SL Green Realty is a self administered and self managed real estate investment trust (REIT), that primarily owns, manages, leases, acquires and repositions office properties in Manhattan.
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