Canada Pension Plan Investment Board (CPPIB) plans to invest $200 million for an 80 per cent stake in a joint venture with the
Shapoorji Pallonji Group to buy real estate assets in Asia's third-largest economy.
The joint venture will invest in leased "income-producing office buildings", according to a joint statement by the companies issued on Thursday.
With a turnover of $2.5 billion,
Shapoorji's businesses include real estate development, construction, infrastructure, biofuels and agriculture, and shipping and logistics.
The Canadian pension fund had assets worth C$192.8 billion ($182.14 billion) as on September 30, of which C$22 billion was invested in real estate. ($1 = 1.0586 Canadian dollars)
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