Canada Pension Plan Investment Board Buying Office Real Estate For $1.18 Billion

Last week, the Canada Pension Plan Investment Board announced that it will be purchasing a 50-per cent share in a portfolio of office properties in Calgary and Toronto owned by OMERS (Ontario Municipal Employees Retirement System) for $1.18 billion.

The portfolio is made up of 7 buildings covering 4.2 million square feet of downtown office space. This includes the Richmond-Adelaide Centre in Toronto and the Centennial Place and Eau Claire Tower in Calgary.

OMERS and the Canada Pension Plan Investment Board already jointly own nearly 8 million square feet of office properties. The two large pension funds have been splitting investments in commercial real estate since 2005.

This transaction represents just one of the ways Canadian pension funds are building and maintaining stronger relationships between each other as they seek to invest in other assets around the world.

Reference:

The Globe and Mail

http://www.theglobeandmail.com/…/cppib-buy…/article31661160/

Inside Toronto

http://www.insidetoronto.com/…/6835744-cppib-buying-office…/