AUSTRALIA/CANADA - The Canada Pension Plan Investment Board has bought a 50% stake in an Australian shopping centre for A$455m ($488m).
The pension fund manager bought the 50% interest of the Northland Shopping Centre from the Gandel Group. The other half is owned by Colonial First State Retail Property Trust.
Graeme Eadie, CPPIB senior vice president for real estate investments, said, "This is a rare opportunity to invest in a high quality retail asset in a key Australian city where CPPIB does not currently have a presence. Northland has recently undergone a major redevelopment and repositioning and is the major full scale shopping centre in Melbourne's northern suburbs."
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