Canada Pension Plan Investment Board (CPPIB) plans to invest $200 million for an 80 percent stake in a joint venture with India's 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 Sept. 30, of which C$22 billion was invested in real estate. ($1 = 1.0586 Canadian dollars) (Reporting by Indulal P.M.; Editing by Anand Basu)
Source: Reuters
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