The Canadian Press
TORONTO - Canada Pension Plan Investment Board has signed a deal to invest $234 million in a real estate development in Suzhou, China.
The Canadian pension fund manager has formed a joint venture with Longfor Properties Co. Ltd. to invest in the Times Paradise Walk project, a mixed-use development with residential, office, retail and hotel space.
The Times Paradise Walk Suzhou started construction in 2013 and is expected to be completed in multiple phases between 2016 and 2019.
"This is CPPIB’s first direct joint venture in a mixed-use development in China and we are pleased to be doing this alongside Longfor, a well-respected and experienced developer in China," said Jimmy Phua, CPPIB's head of real estate investments in Asia.
The Canada Pension Plan Investment Board manages the money not needed by the Canada Pension Plan to pay current benefits.
At Sept. 30, 2014, the fund totalled $234.4 billion including some $25.4 billion in real estate investments.