- What CPP Investments has agreed to sell its 49% interest in four mixed-use properties
- Why The assets are part of a joint venture with Chinese firm Longfor Group Holdings
- What next Deal will bring $235m in net proceeds
The Canada Pension Plan Investment Board has agreed to sell its 49% stake in four joint-venture projects with Chinese real estate company Longfor Group Holdings.
The buyer is Dajia Insurance Group. The properties are in Shanghai, Suzhou, Chengdu and Chongqing. They comprise retail malls with connected office space and rental housing.
Net proceeds total about $235m before closing adjustments.
CPP partnered with Longfor in 2014. Following the transaction, the partnership will continue to own several projects in China.
The Canadian firm’s Asia-Pacific portfolio comprises 22% of its total real assets, according to its 2024 annual report.
