CANADA - The Canadian Pension Plan (CPP) Investment Board has committed US$125m to a joint venture sponsored by a real estate private equity firm.
CPP has agreed to buy a 39% stake in the deal with Callahan Capital Partners which acquired 2.8 million square feet of office space in Denver, Colorado, in March 2007 for $770m.
Graeme Eadie, senior vice president, Real Estate Investments, CPP Investment Board, commented: “This investment increases our exposure to top tier U.S. office properties and supports our efforts to diversify the CPP Investment Board’s real estate portfolio in North America and globally.”
Tim Callahan, CEO, Callahan Capital Partners, added: “CPP Investment Board’s long-term investment horizon fits well with our approach to real estate investments.”
CPP Investment Board manages C$120.5bn of assets not needed by fund to pay benefits to its current 16 million contributors and beneficiaries.
The fund had a C$5.6bn commitment to real estate at 30 June, 2007.
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