In what should be encouragement to property investors, the Canadian Pension Plan Investment Board (CPPIB) shares an enthusiasm for real estate.
Net real estate assets for CPPIB now total $42.8 billion, representing 12.7 per cent of the total fund assets of $337.1 billion.
And, like other savvy investors, the CPPIB’s acquisition managers aim for diversification in their real estate buys.
Deals over the past 12 months include buying Parkway real estate trust that holds the largest office portfolio in Houston, Texas. The $1.5 billion transaction includes 8.7 million square feet of commercial space in 19 properties.
CPPIB also spent $607 million for a major stake in the next phase of new homes at the Elephant Park development in London, England; $800 million for two new mixed-use real estate development projects in Chengdu and Shanghai in China; and $700 million to buy and renovate 8,000 to 10,000 multi-family rental units in the U.S.
CPPIB’s real estate holdings now comprise more than 324 million square feet of total gross leasing area.
The real estate portfolio consists of office, retail, industrial, residential and multi-family properties around the globe.
DEAL | A 21-unit rental apartment building, situated on a 13,000-square-foot lot and sold for $230,000 per suite. Seventh Street, New Westminster. Price: $4.8 million.
DEAL | 29-unit Key Manor Apartments situated on a 17,820-square-foot lot. Blackford Street, New Westminster. Price: $6.67 million.
NAI agents Don MacDonald and Angie MacDonald brokered the following sale:
DEAL | 42,244-square-foot multi-tenant industrial building, zoned for manufacturing use. 205 Street, Langley. Price: $11 million.
From | HQ Commercial, Vancouver. HQ agents Mark Goodman, Cynthia Jagger and Sam Emam report:
DEAL | Mixed-use property with seven residential and three commercial units, all tenanted, St. Johns Street, Port Moody. Price: $5.11 million.
From | Colliers International, Edmonton. Colliers agents Amit Grover and Jandip Deol sold:
DEAL | A 26,200-square-foot development site in Belgravia neighbourhood, zoned for residential development. 76 Avenue NW, Edmonton. Price: $4.1 million.
Colliers International Vancouver agent Brian Mackenzie sold:
DEAL | A seven-unit office property with a gross leasable area of 32,405 square feet. Norland Avenue, Burnaby. Price: $10.2 million.
From | CBRE Edmonton. CBRE agent Bradley Gingerich reports the following sales:
DEAL | 20,679-square-foot Queen Mary Park redevelopment lands. 109A Avenue NW, Edmonton. Price: $1.17 million.
DEAL | 2.07 acres of land plus clubhouse, sold by the Edmonton Petroleum Club to Daytona Homes. 108 Street NW, Edmonton. Price: $7.02 million.
CBRE Vancouver agent Lance Coulson sold:
DEAL | 17-unit, three-storey rental building, sold at $200,000 per unit. Fourth Avenue, New Westminster. Price: $3.4 million.
From | Devencore Co.vLtd., Vancouver. Devencore agent Blake Gozda reports the following:
DEAL | Single-unit, 5,178-square-foot industrial warehouse acquired by an owner-user. Brigantine Drive, Coquitlam. Price: $1.28 million.
From | JLL Canada, Vancouver. JLL agent David Venance reports the following sale:
DEAL | Four-storey, 42-unit rental apartment building with an assessed value of $8.9 million. Martin Street, White Rock. Price: $11.7 million.
From | Frontline Real Estate Services Ltd., Langley. Frontline agent Todd Bohn reports the following:
DEAL | Two office buildings totalling 15,274 square feet, on a one- acre lot. Knight Road, Chilliwack. Price: $3.4 million.
From | HM Commercial group, Macdonald Realty Kelowna. HM Commercial agents Jeff Hudson and Marshall McAnerney report:
DEAL | Recently renovated, two-storey downtown office building with an assessed value of $1.77 million. St. Paul Street, Kelowna. Price: $2.37 million.
