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CPPIB Buys $488M Australian Mall Stake
The Canada Pension Plan Investment Board has acquired a 50% stake in an Australian shopping centre.
The Canada Pension Plan Investment Board (CPPIB) has acquired a 50% stake in
an Australian shopping centre, Northland Shopping Centre. The pension fund manager paid $488 million to Gandel Group for the stake.
Colonial First State Global Asset Management, which holds the remaining 50% interest in the centre, will continue to manage the property. In May CPPIB paid $375 million for a 50% share in a mall located in Germany and another $339 million for a 40% stake in 13 regional U.S. malls, adds CBC.
Click here for the release from Market Wire.
Click here for additional coverage from CBC.