- January 1, 2014: Vol. 26, Number 1

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CPPIB sets its sights on India

by Jen Molloy


While many investors are avoiding the vast, emerging nation of India — spooked by its political corruption, dismal infrastructure and labyrinthine bureaucracy — the Canada Pension Plan Investment Board apparently sees opportunity where others see impediments.

The C$192.8 billion ($181.3 billion) pension fund, one of the world’s largest, has formed its first real estate partnership in India with Mumbai-based Shapoorji Pallonji Group, targeting office properties in the country’s major urban centers. More specifically, the venture will seek office buildings that are substantially leased to prominent tenants.

CPPIB will own 80 percent of the venture with an initial equity commitment of $200 million.

India’s economic growth potential, fueled by its young, well-educated population, seems as though it would demand world attention as a destination for institutional real estate investment. While most investors see the potential for the country’s

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