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."
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.