On August 25, 2010, the Canada Pension Plan Investment Board (CPPIB) announced that it will invest approximately C$350 million into one of Colonial First State Global Asset Management's key wholesale property funds, the Direct Property Investment Fund Retail Sector (Sector). The Sector, one of three within the original Direct Property Investment Fund, will be renamed as the CFSGAM Property Retail Partnership (CRP).
Under the partnership agreement, CPPIB and the Future Fund will invest C$750 million into CRP, joining remaining investors in the restructured retail property investment vehicle. CRP currently comprises a C$1.1 billion diversified portfolio of predominantly regional and sub-regional shopping centers located across Australia. The portfolio includes interests in Rockingham and Midland Gate shopping centres in Western Australia, Grand Plaza and Runaway Bay shopping centres in Queensland and the Myer Centre Adelaide.
Further information is found on CPPIB's website and in The Globe and Mail's Investor.