CPPIB invests in Chinese retail market
Canada Pension Plan Investment Board has created a second joint venture with Longfor Properties Co. to invest in Chongqing West Paradise Walk shopping center in Chongqing, China. As part of the joint venture, CPPIB will commit approximately C$193 million ($145 million) for a 49 percent interest in the property.
The transaction represents CPPIB’s first retail mall investment in Chongqing.
West Paradise Walk is a six-level shopping mall built in 2008. West Paradise Walk is located in one of Chongqing’s most established commercial areas, the Yangjiaping commercial hub, and is well positioned for future development and growth. The mall currently maintains high customer traffic and occupancy rates, with tenants including major local and international retail chains.
CPPIB and Longfor established their first joint venture in 2014 with a mixed-use real estate project in Suzhou, which included the development of a Paradise Walk mall.