The pension-fund manager will collect about $800 million in net proceeds from selling its holding in the commercial real estate development firm. (The Logic)
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The pension-fund manager will collect about $800 million in net proceeds from selling its holding in the commercial real estate development firm. (The Logic)
Talking point: CPP Investments first invested in Raffles—which is majority owned by Singapore-based CapitaLand—in 2008, shortly after opening its Hong Kong office. “As China’s economy and real estate market expand and mature, this is an ideal time to monetize the investment for other opportunities in the country,” said Guy Fulton, the fund’s head of real estate for the greater China area. The sale is part of an agreement for CapitaLand to sell part of its stakes in six Raffles City developments to Shenzhen-based Ping An Life Insurance Company for ¥46.7 billion (about $8.9 billion). While some investors are pulling holdings out of China over human rights concerns, CPP Investments’ new CEO John Graham said in a talk last week that the firm plans to stay the course in the country, where it’s been steadily growing its portfolio.
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