CPPIB expands multifamily portfolio and invests $500m in industrial partnership
The Canada Pension Plan Investment Board announced the further expansion of its multifamily portfolio in the United States and an additional $500 million to the Goodman North American Partnership.
Over the past year, CPPIB has made equity commitments totaling more than $330 million in six class A multifamily developments in California, Georgia and Massachusetts. The developments will be luxury rental properties when completed and represent a gross asset value of approximately $740 million and more than 2,200 residential units.
"These high-quality properties align well with our multifamily strategy to acquire or develop investments in core U.S. markets typically with high barriers to entry," says Peter Ballon, vice president and head of real estate investments – Americas, CPPIB, in