MAY 18, 2015

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CPPIB invests in retail in Europe and Asia

by Andrea Waitrovich

In two separate deals, the Canada Pension Plan Investment Board has invested more than $1.2 billion for its international portfolio.

The investment board’swholly owned subsidiary, CPPIB Europe, agreed to form a strategic joint venture with Unibail-Rodamco to grow its German retail real estate platform. The joint venture will be formed through CPPIB’s indirect acquisition of a 46.1 percent interest in MFI Management für Immobilien AG for €394 million ($447 million). In addition, CPPIB will invest a further €366 million ($416 million) in support of MFI’s financing strategies.

Unibail-Rodamco, the second-largest retail REIT in the world and the largest in Europe, is already a joint venture partner of CPPIB through the CentrO Shopping Center in Germany.

MFI’s well-diversified portfolio consists of seven existing shopping centers located in key cities such as Munich, Berlin and Leipzig, and one additional asset under

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