Wednesday, May 27th9.3°C
26402
25998

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

25608


Recent Trending




Today's Market
S&P TSX15023.20-27.61
S&P CDNX691.53-0.43
DJIA18091.92+50.38
Nasdaq5064.38+31.63
S&P 5002114.97+10.77
CDN Dollar0.8035-0.0006
Gold1187.40-16.90
Oil58.54-0.47
Lumber273.50-2.70
Natural Gas2.82-0.00

 
Okanagan Companies
Pacific Safety0.135-0.005
Knighthawk0.010.00
QHR Technologies Inc1.51+0.02
Cantex0.03-0.01
Anavex Life Sciences0.43-0.00
Metalex Ventures0.085+0.005
Russel Metals25.22+0.01
Copper Mountain Mining1.26-0.02
Colorado Resources0.105+0.005
ReliaBrand Inc0.0095+0.0015
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.15-0.02
Decisive Dividend Corporation1.96-0.24

 



26396

FEATURED Property
21084803220 Skyview Lane
2 bedrooms 2 baths
$249,000
more details
Click here to feature your property
Please wait... loading


Cash stressed seniors

Photo: Thinkstock.comFor many Canadian homeowners, their house represents the biggest portion of their net worth. Now, increasing numbers of seniors are starting to recognize the hidden value of their...


Do or do not

Photo: Thinkstock.com“The optimist sees the rose and not its thorns; the pessimist stares at the thorns, oblivious of the rose.” - Kahlil Gibran Good planning is all about managing chan...


Penetrate the smokescreen

Photo: ContributedHas this ever happened to you? You’re in the middle of your second or third “good discussion” with a prospect. Everything’s going great. The prospect seems en...

_



25217

25482


Member of BC Press Council


25772