The Canada Pension Plan Investment Board (CPPIB) has acquired a 50% interest in two downtown Vancouver office properties: 401 West Georgia Street and 800 Burrard Street. The total property valuation is $230 million, resulting in an equity investment of $115 million before closing costs, adjustments and working capital for CPPIB.

Oxford Properties, which owns the other 50% interest, will continue to be responsible for the management and leasing activities for the properties. The acquisition brings CPPIB’s Vancouver office portfolio to six properties. Peter Ballon, vice-president and head of real estate investments with CPPIB, says the Vancouver market is an attractive one for long-term investors.

401 West Georgia is a 270,000-square-foot 22-storey office building that occupies a city block between Georgia and Dunsmuir streets.

800 Burrard is a 222,000-square-foot 19-storey office building located at the intersection of Burrard and Robson streets in the downtown core.

CPPIB and Oxford Properties are also co-investors in two development projects: 1021 West Hastings Street, a new development project in downtown Vancouver, and RBC WaterPark Place in downtown Toronto, which will be the new national headquarters for RBC’s Canadian banking team.

At Dec. 31, 2011, CPPIB’s real estate investments totalled $14.4 billion, representing 9.5% of the CPP fund.

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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