Canada’s biggest pension fund is bullish on real estate.
The Canadian Pension Plan Investment Board (CIPPB) has just bought a 50 per cent interest in two Class A downtown Vancouver office towers: 401 West Georgia Street and 800 Burrard Street, spending a total of $230 million. Oxford Properties - the real estate arm of CPPIB - owns the other 50 per cent interest, and will continue to be responsible for the management and leasing activities for the properties. This acquisition expands CPPIB's Vancouver office portfolio to six high-quality properties totalling over 1.5 million square feet. Oxford is also building a new office tower in downtown Vancouver.
As of December 31, 2011, CPPIB's real estate investments totaled $14.4 billion representing 9.5% of the CPP Fund of $152.8 billion.
