The Canada Pension Plan Investment Board is venturing into the Malaysian real estate business for the first time.
Reports released this morning said that CPPIB has purchased a 49% stake worth about $170 million in a joint venture to invest is a mixed-use development in the capital of Kuala Lumpur with Malaysia's Pavilion Group.
They will develop Pavilion Damansara Heights, a project integrating corporate towers, luxury residences and a retail galleria in one of the most affluent sections of Kuala Lumpur, less than 10 kilometres from the Petronas Twin Towers.
The CPPIB invests funds not needed by the Canada Pension Plan to pay current benefits. As of the end of June, the fund totaled $268.6 billion.
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