Transaction|August 3, 2011
Canada Pension Plan Investment Board invests in U.S. residential real estate sector
Torys acted as counsel to Canada Pension Plan Investment Board with a team that included Darren Baccus, Stefan Stauder, Bernard Kwasniewski, Jared Fontaine, Jamie Beal, Craig Pell, Peter Keenan, David Mattingly and Ari Feder.
On August 3, 2011, The Canada Pension Plan Investment Board announced that it has invested approximately C$300 million into the U.S. residential real estate sector. The company will buy stakes in eight U.S. apartment buildings.
The residential property investments include the following:
a joint venture agreement with Allianz to invest 40% interest in two properties for C$108 million. The joint venture includes Archstone North Point in Cambridge, Massachusetts and Archstone Woodland Park located in the Washington, D.C. metropolitan area;
a joint venture agreement with Casden Property Co. LLC, a privately held real estate company, to invest 49% interest in Palazzo Westwood Village located in Los Angeles;
a joint venture agreement with Essex Property Trust to invest 45% interest in the Cadence multifamily development project in San Jose, California for C$92 million. Construction on the 569 unit Class A development is scheduled to begin in September 2011; and
a joint venture agreement with an entity affiliated with Multi-Employer Property Trust, an open-ended fund managed by Bentall Kennedy, to invest 44% interest in a 654 unit multifamily development in downtown Seattle, Washington for C$84 million.
Canada Pension Plan Investment Board is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries.
Further information is found on CPPIB's website.
The residential property investments include the following:
a joint venture agreement with Allianz to invest 40% interest in two properties for C$108 million. The joint venture includes Archstone North Point in Cambridge, Massachusetts and Archstone Woodland Park located in the Washington, D.C. metropolitan area;
a joint venture agreement with Casden Property Co. LLC, a privately held real estate company, to invest 49% interest in Palazzo Westwood Village located in Los Angeles;
a joint venture agreement with Essex Property Trust to invest 45% interest in the Cadence multifamily development project in San Jose, California for C$92 million. Construction on the 569 unit Class A development is scheduled to begin in September 2011; and
a joint venture agreement with an entity affiliated with Multi-Employer Property Trust, an open-ended fund managed by Bentall Kennedy, to invest 44% interest in a 654 unit multifamily development in downtown Seattle, Washington for C$84 million.
Canada Pension Plan Investment Board is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries.
Further information is found on CPPIB's website.