Canada Pension Plan Investment Board has agreed to sell its 49 percent interest in four real estate joint venture projects with Chinese real estate company Longfor Group Holdings to an affiliate of Dajia Insurance Group.
Net proceeds to CPP Investments from the sale would be approximately C$235 million ($163 million) before closing adjustments.
The sale includes four retail malls in China, along with the connected office and rental housing properties, located in Shanghai, Suzhou, Chengdu and Chongqing.
CPP Investments first partnered with Longfor in China in 2014. The partnership has since expanded through the development of additional projects. Following the transaction, CPP Investments and Longfor still have a number of joint ventures in China.
The transaction is subject to customary closing conditions and regulatory approvals.
