The Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. The CPPIB recently became the largest pension plan in Canada, and it continues to aggressively expand its global real estate investment program. Larry Gray, editor of  The Institutional Real Estate Letter – North America, recently interviewed Peter Ballon,vice president, head of real estate investments, Americas, who provided an overview of CPPIB’s real estate investment program and some insights into its investment strategies and plans for 2011.

Could you provide a brief history and description of the CPPIB real estate program? What are your assets under management, real estate target al