The Canada Pension Plan Investment Board started off the new year by selling stakes in two joint ventures \u2013 one in North America and the other in China.<\/p>\n
The first is its 45% interest in Goodman North American Partnership, for US$2.2 billion. CPP Investments had held its stake in the logistics and industrial property joint venture with Australia\u2019s Goodman Group since 2012.<\/p>\n
The pension fund giant said it will continue to work with Goodman. The two organizations have partnered in several markets.<\/p>\n
\u201cThe proceeds from this transaction… give us the ability to redeploy capital towards new investment opportunities,\u201d said Max Biagosch, global head of real assets & head of Europe for CPP Investments.<\/p>\n
CPP Investments announced separately that it will sell its 49% stake in four real estate projects held jointly with Longfor Group Holdings. The sale, to an affiliate of Dajia Insurance Group, will garner the fund $235 million.<\/p>\n
The holdings include four retail malls, and connected office and rental housing properties in\u00a0Shanghai, Suzhou, Chengdu and\u00a0Chongqing.<\/p>\n
China\u2019s government announced plans to enact \u201cmoderately loose\u201d monetary policies<\/a> in December to stabilize the domestic real estate market.<\/p>\n The Asia-Pacific region made up 21% of CPP Investments\u2019 holdings as of Mar. 31, according to its annual report. Those placements earned a net return of just 0.1% in fiscal 2024.<\/p>\n