CPPIB buys 49% of Chinese retail mall JV

The deal marks Canada Pension Plan Investment Board’s second property joint venture with Longfor Properties.

The Canada Pension Plan Investment Board CPPIB has bought into 49% of a joint venture with China’s Longfor Properties, paying C$193 million $146.4 million as it steps up active investment in the region.

The Toronto-headquartered firm said on Thursday its second joint venture with the Chinese property firm will invest in the Chongqing West Paradise Walk shopping centre in China.

The deal is the latest example in Asia of large asset owners looking to enhance investment yields in a low-interest rate environment by making more direct investments and co-investments. CPPIB, run by former Goldman Sachs investment bank Mark Machin, is leading the charge....

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