Canada Pension Plan Buys 50% Stake in Samsung Tower Near Gangnam
Stock Chart for Samsung Electronics Co Ltd (005930)
Canada Pension Plan Investment Board, the country’s largest benefits manager, made its first real estate investment in South Korea by acquiring a 50 percent stake in an office tower owned by a unit of Samsung Electronics Co. Ltd. (005930)
The pension fund manager, with C$188.9 billion ($179.9 billion) in assets under management, bought a stake worth 126 billion South Korean Won (C$120.7 million) in Samsung SRA Private Real Estate Investment Trust No. 4.
The trust owns the office tower that will serve as headquarters for Samsung SDS Co.’s headquarters in the country, Canada Pension Plan said in a statement. Samsung SDS is South Korea’s largest information-technology services company, according to the statement.
The building, slated for completion in May, is located in Jamsil, a neighborhood near the Gangnam business district in Seoul.
Toronto-based Canada Pension Plan, which manages retirement savings for 18 million people in every province except Quebec, has been increasing its allocation to real estate and infrastructure. Its investment in the sector climbed to 16.9 percent in the fiscal first quarter from 16.4 percent in the same period a year ago.
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