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Sign in Sign up for a FREE subscriptionLMC and CPP Investments form $979m multifamily JV
Canada Pension Plan Investment Board (CPP Investments) and LMC, a wholly owned subsidiary of Lennar Corp., have formed a new joint venture to develop class A multifamily residential communities across high-growth metropolitan areas in the United States.
CPP Investments and LMC have allocated $979 million in equity to the joint venture. CPP Investments will own a 96 percent stake, and LMC will own the remaining 4 percent.
“This investment is an excellent opportunity to meet the strong demand for high-quality multifamily housing,” said Peter Ballon, managing director, global head of real estate, CPP Investments. “We are pleased to work alongside a best-in-class partner like LMC to continue to build our portfolio of multifamily investments, which we believe will deliver steady, long-term returns for the CPP Fund.”
The joint venture will focus on urban and suburban communities across major U.S. markets exhibiting strong population and job growth. It will als