Wednesday, April 16th10.2°C
20923
21086

Canada Pension Plan buys half a mall

Canada Pension Plan Investment Board is spending $177 million to buy a half interest in a Swedish shopping mall, the fund manager's first real estate investment in the Nordic region of Europe.

The Kista Galleria, a mall north of Stockholm's central business district, has 185 shops and restaurants as well as a cinema, bowling, indoor go-cart and other leisure activities.

The Canadian pension fund manager's partner is Citycon Oyj, a Finnish company that owns and operates shopping centres in the Nordic and Baltic countries.

"We look forward to partnering with Citycon on future investment opportunities in the region as we continue to expand CPPIB's retail portfolio in Europe," Graeme Eadie, a CPPIB senior vice-president, said Wednesday in a statement.

CPPIB describes the Kista Galleria as "one of the largest and most successful shopping centres in the Stockholm area."

It generates annual sales of over 280 million euros from about 18.1 million visitors per year.

"Both parties consider Kista Galleria to be the first step in an ongoing joint investment platform," said Nils Styf, Citycon's chief investment officer.

Canada Pension Plan Investment Board invests the funds not needed by the Canada Pension Plan to pay current benefits.

CPPIB invests in a variety of assets, including publicly traded stock, private equity, real estate, infrastructure and fixed-income instruments such as bonds.

The Canadian Press
How does this story make you feel? (297 total votes)
Castanet MoodMeter
Angry
58.9%
Shocked
6.1%
Amused
3.0%
Happy
27.3%
Sad
1.0%
Disappointed
3.7%


Read more Business News

20304


Recent Trending




Today's Market
S&P TSX14446.52+142.60
S&P CDNX997.975.87
DJIA16424.85162.29
Nasdaq4086.225+52.064
S&P 5001862.31+19.33
CDN Dollar0.9078-0.0031
Gold1302.20+2.20
Oil103.82+0.07
Lumber325.80+1.60
Natural Gas4.532-0.035

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.22-0.05
Cantex0.045-0.005
Anavex Life Sciences0.375-0.005
Metalex Ventures0.0750.00
Russel Metals30.55+0.28
Copper Mountain Mining2.42+0.10
Colorado Resources0.2650.00
ReliaBrand Inc0.12-0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.23-0.02

 
19691


20260

FEATURED Property
1616780666 Eckhardt Avenue West
$647,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Valuation fears grip markets

The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...


Quick and nimble

Photo: ContributedFor many businesses this has been a tremendously difficult time since the 2008 crisis. Business fell off. Sales techniques that always worked, well… stopped working. Customers...


Keeping a clear focus on the future

Many times when we are gripped by fear it can be one of two mental challenges that we can learn to overcome. Photo: ContributedThe Fear is completely imaginary. In this situation there may be no fact...

_



21604

21641


Member of BC Press Council


21188