The Canada Pension Plan Investment Board (CPPIB) has announced a strategic alliance for providing debt financing to residential projects across India’s major urban centres.

Its financing division, CPPIB Credit Investments, and Mumbai-based Piramal Enterprises Ltd. have each initially committed US$250 million ($274.8 million) for this purpose.

“This opportunity allows us to participate in India’s burgeoning middle-class residential sector, which has demonstrated compelling fundamentals through ongoing population and income growth, and rapid urbanization,” says Graeme Eadie, senior vice-president and head of real estate investments with the CPPIB. “We are pleased to be fully aligned with an experienced operator with a strong track record.”

The investment focus will include the provision of project level debt financing to top-tier local developers with a strong track record in delivering high-quality residential projects.

The focus will be on residential developments in Mumbai, the National Capital Region, Bangalore, Pune and Chennai—markets with good civic infrastructure, strong employment and population growth forecasts.

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