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Canada Retirement Fund CPP Purchases 50% of German Shopping Mall

CPP Investment Board, Canada’s second-biggest retirement fund manager, bought 50 percent of a shopping mall in Germany valued at 1.3 billion euros ($1.9 billion).

CPPIB purchased the stake in CentrO Oberhausen from Stadium Group by making an equity investment of 270 million euros, the Toronto-based fund manager said in a statement today. The mall, near the city of Dusseldorf, has space of 1.6 million square feet (150,000 square meters).

“We are very pleased to be acquiring a significant interest in what is widely regarded as one of the top large-scale regional shopping centers in Europe,” Graeme Eadie, senior vice-president at CPPIB’s real estate investments unit, said in the statement.

CPPIB said in a separate statement that it acquired a 36.9 percent stake in the Mayflower Partnership, which owns 13 U.S. malls in New England valued at $2.03 billion. The Canadian company invested $350 million.

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