The Canada Pension Plan Investment Board (CPPIB) continues to expand its overseas real estate holdings, with the purchase of a 50% joint venture interest in Northland Shopping Centre, in Melbourne, Australia.

The 50% interest is being acquired from the Gandel Group, for A$455 million. The remaining 50% stake is held by Colonial First State Retail Property Trust (CFX), which will continue to manage the property.

“This is a rare opportunity to invest in a high quality retail asset in a key Australian city where CPPIB does not currently have a presence,” said Graeme Eadie, senior vice-president, real estate investments with CPPIB. “This investment further diversifies our exposure to the Australian retail market, one that has proven to be resilient during the global financial crisis, and allows us to work with a strong manager in CFSGAM, with whom CPPIB already has an existing relationship.”

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