Canadian pension funds buy Manhattan office properties
Two Canadian pension funds have invested in two Manhattan office assets in separate deals.
The Canada Pension Plan Investment Board has invested an additional $108 million to increase its ownership interest in One Park Ave. to 45 percent through a joint venture with Vornado Realty Trust. CPPIB previously held an indirect stake of approximately 11 percent through its investment in the Vornado Capital Partners Parallel fund. The parties valued the property at $560 million, including the assumption of $250 million of debt.
“Our increased stake in One Park Ave. aligns with our U.S. office strategy to acquire high quality assets in key markets,” says Peter Ballon, vice president and head of real estate investments – Americas, CPPIB, in