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Canadian pension fund manager invests in Malaysian real estate

Published 2015-08-18, 08:56 a/m
Canadian pension fund manager invests in Malaysian real estate

TORONTO, Aug 18 (Reuters) - Canada Pension Plan Investment
Board, the largest pension fund manager in Canada and one of its
most active dealmakers, said on Tuesday it has invested C$170
million ($130 million) in a Malaysian real estate joint venture,
marking its first direct real estate investment in Southeast
Asia.
Toronto-based CPPIB said along with the Pavilion Group it
has formed a venture to invest in Pavilion Damansara Heights, a
mixed-use development project in Kuala Lumpur, Malaysia's
largest city.
The project is a freehold development that integrates
corporate towers, luxury residences and a retail galleria
located less than 10 kilometers (6.2 miles) from Malaysia's
iconic Petronas Twin Towers.
"This joint venture fits well with our investment strategy
as it provides us with a great opportunity to work with a smart
partner in a high-quality real estate asset that will provide
attractive risk-adjusted returns over the long term," Jimmy
Phua, CPPIB's head of real estate investments in Asia, said in a
statement.
($1 = 1.3102 Canadian dollars)

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