Canadian pension fund to invest $200 mn in JV with Shapoorji Group

Canada Pension Plan Investment Board (CPPIB) plans to invest $200 million for an 80 per cent stake in a joint venture with the 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 September 30, of which C$22 billion was invested in real estate. ($1 = 1.0586 Canadian dollars)