Transaction|November 1, 2010
CPPIB and LaSalle acquire shopping centre in Germany for €157.3 million
Torys acted as counsel to Canada Pension Plan Investment Board with a team that included Darren Baccus and Jared Fontaine.
On November 1, 2010, Canada Pension Plan Investment Board and a value-add fund managed by LaSalle Investment Management announced that they jointly acquired a regional shopping centre in Hürth, a German city located 10 km south of Cologne, for €157.3 million.
The centre, known as Hürth Park, previously belonged to the open-ended property fund Degi Europe, which is managed by Aberdeen Immobilien Kapitalanlagegesellschaft mbH, and is now in liquidation. CPPIB now owns 80% of the centre and the La Salle fund holds 20%.
Canada Pension Plan Investment Board, headquartered in Toronto, invests the funds not needed by Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. It invests in public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments.
LaSalle Investment Management, Inc. is a member of Jones Lang LaSalle (NYSE: JLL), a global real estate investment manager with approximately US$39 billion of assets under management of private and public property equity investments.
Further information is found on CPPIB's website.
The centre, known as Hürth Park, previously belonged to the open-ended property fund Degi Europe, which is managed by Aberdeen Immobilien Kapitalanlagegesellschaft mbH, and is now in liquidation. CPPIB now owns 80% of the centre and the La Salle fund holds 20%.
Canada Pension Plan Investment Board, headquartered in Toronto, invests the funds not needed by Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. It invests in public equities, private equities, real estate, inflation-linked bonds, infrastructure and fixed income instruments.
LaSalle Investment Management, Inc. is a member of Jones Lang LaSalle (NYSE: JLL), a global real estate investment manager with approximately US$39 billion of assets under management of private and public property equity investments.
Further information is found on CPPIB's website.