CPPIB Buys $733M German, U.S. Mall Stakes

The Canada Pension Plan Investment Board has bought stakes worth about $733 million in shopping malls located in the U.S. and Germany.

The Canada Pension Plan Investment Board (CPPIB) has bought stakes worth about $733 million in shopping malls located in the U.S. and Germany, The Wall Street Journal reports. CPPIB paid $350 million to institutional investors, advised by JP Morgan Asset Management, for a 36.9% stake in a portfolio of malls in the New England area. Simon Property Group and Teachers Insurance and Annuity Associated - College
Retirement Equities Fund
will retain their existing interests of 49.1% and 14% stakes. As part of the German deal, CPPIB paid $383 million to Stadium Group for a 50% stake in a shopping centre located the city of Oberhausen. Stadium will retain its 50% stake in the shopping center and will continue to manage it.

Click here for the story from The Wall Street Journal.