Canada Pension Plan Investment board plans to sell its 49 per cent share of joint venture projects with Chinese real estate company Longfor to an affiliate of Beijing-based firm Dajia Insurance Group. CPP Investments expects about $235 million in net proceeds from the sale. (The Logic)
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Canada Pension Plan Investment board plans to sell its 49 per cent share of joint venture projects with Chinese real estate company Longfor to an affiliate of Beijing-based firm Dajia Insurance Group. CPP Investments expects about $235 million in net proceeds from the sale. (The Logic)
Talking point: The sale includes four malls, along with offices and rental housing connected to them. CPP first partnered with Longfor in 2014 and the firms have several other joint ventures, the pension fund manager said in a press release. The asset sale comes amid a strained real estate market in China, with year-over-year investments down 10.4 per cent from January to November last year. Meanwhile, CPP also announced Friday that it is selling its stake in a North American logistics partnership with Goodman Group for an anticipated US$2.2 billion.
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