CPPIB makes first direct real estate investment in Malaysia
The Canada Pension Plan Investment Board and Pavilion Group have formed a joint venture to invest in Pavilion Damansara Heights, a mixed-use development project in Kuala Lumpur, Malaysia. As part of the joint venture, CPPIB will commit approximately $130 million for a 49 percent interest in the development.
“We are pleased to make our first direct real estate investment in Southeast Asia through this joint venture with one of Malaysia's most well-respected developers, the Pavilion Group,” said Jimmy Phua, managing director and head of real estate investments Asia with CPPIB, in a statement. “This joint venture fits well with our investment strategy as it provides us with a great opportunity to work with a smart partner in a high-quality real estate asset that will provide attractive risk-adjusted returns over the long term.”
Pavilion Damansara Heights is a freehold development integrating corporate towers, luxury residences and a re