Tag: Kanan

CPPIB and Brazilian partner to spend up to US400 million on office

TORONTO — The Canada Pension Plan Investment Board is expanding its stake in Brazil by forming a new joint venture with one of the country’s largest office property owners that will spend up to US$400 million on real estate purchases.Canada’s largest pension fund manager said it is attracted to Latin America, especially Brazil, the continent’s largest country, which is experiencing an economic rebound.Toronto-based CPPIB and long-term partner Cyrela Commercial Properties S.A. also announced Wednesday a portfolio exchange.CPPIB has acquired a 33 per cent stake in its partner’s office portfolio in Sao Paulo’s prime office district in exchange for selling its 50 per cent equity stake in their existing logistics joint venture.CPPIB says it has $9.9 billion invested in South America, including $2.9 billion in Brazil. read more