Friday, August 22nd14.5°C
21790
21739

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

22870


Recent Trending




Today's Market
S&P TSX15556.09-5.86
S&P CDNX1002.205.50
DJIA17018.97-20.52
Nasdaq4527.989-4.116
S&P 5001989.48-2.89
CDN Dollar0.9135-0.0006
Gold1277.70+4.00
Oil96.30+1.82
Lumber355.60-1.10
Natural Gas3.865-0.024

 
Okanagan Companies
Pacific Safety0.18-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.210.00
Cantex0.065-0.005
Anavex Life Sciences0.260.00
Metalex Ventures0.075-0.01
Russel Metals37.59+0.14
Copper Mountain Mining2.88-0.04
Colorado Resources0.1850.00
ReliaBrand Inc0.095+0.01
Sunrise Resources Ltd0.025-0.005
Mission Ready Services0.215-0.015

 



22870

FEATURED Property
20425791356 Brentwood Crt
5 bedrooms 2 baths
$399,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


What is a journey without a destination?

Photo: ContributedI would call it a joy ride... You see a planned project or business has a destination. It may be an ongoing revenue stream, it may be a business value or an exit strategy. If you don...


Joint accounts: what you need to know!

Establishing a joint account may seem like a great strategy at first glance. However, there are many factors that must be considered before taking this action. This article will explore the use of &ls...


Cost of an Injury Lawyer

Let’s face it; nobody wants to pay for legal services if they do not have to, but if you have been injured in an accident you may have thought about hiring a lawyer to help you navigate your cla...

_



22885

22854


Member of BC Press Council


22707