CANADA/GERMANY - The Canada Pension Plan Investment Board (CPPIB) has teamed up with LaSalle Investment Management to buy Germany's Hürth Park shopping centre for €157.3m ($219.2m).
CPPIB will acquire an 80% share while the LaSalle fund will hold the remaining 20%. The centre previously belonged to the open-ended property fund Degi Europe, which is managed by Aberdeen Immobilien Kapitalanlagegesellschaft mbH, and is now in liquidation.
The CPP fund totalled C$129.7bn ($127.6bn), of which C$7.9bn represented real estate investments, at June 30, 2010. The fund invests in public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments.
Wenzel Hoberg, vice-president and head of real estate investments CPPIB said: "We are pleased to partner alongside LaSalle to acquire Hϋrth Park, our first direct real estate investment in Germany. Hϋrth Park is a well leased and well situated regional shopping centre. This investment is fully aligned with our international retail strategy to acquire prime retail shopping centres in key markets."
David Ironside, managing director LaSalle Germany said: "The German real estate market continues to be one of the key markets in Europe and is set to recover significantly with very good investment opportunities. To take advantage of these opportunities is the order of the day - particularly in the case of a shopping centre with such manifold potential."
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