The Canada Pension Plan Investment Board has completed the sale of its 50% ownership interest in Constitution Square, an Ottawa office property.
The property was sold to Greystone Real Estate Strategy and Canderel with net proceeds of about $240 million before closing adjustments. At June 30, 2017, the CPPIB’s real estate assets totalled $40.9 million.
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In 2015, the pension fund acquired ownership interest in Constitution Square, a three-tower office complex located in downtown Ottawa.
“The continued strength of the Ottawa real estate market provided us with an opportune time to monetize our position in this asset,” said Hilary Spann, managing director and head of Americas, real estate investments at the CPPIB, in a news release.
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