The Canada Pension Plan Investment Board is joining up with another major pension fund to own real estate in New Zealand.
Today, it announced an agreement to acquire a 50 per cent interest, valued at $545 million, in a portfolio of prime office and retail properties in New Zealand from the Public Sector Pension Investment Board. The Public Sector Pension Investment Board will continue to hold the remaining 50 per cent interest.
The portfolio comprises a mix of 13 office properties and shopping centres located primarily in Auckland and Wellington.
“This is a rare opportunity to acquire a diversified portfolio that includes top-tier office and retail properties in New Zealand, a market with continuing population and tourism growth,” said Jimmy Phua, managing director and head of real estate investments for Asia at the Canada Pension Plan Investment Board.
Read: The growing attraction of Chinese real estate investments