The Canadian Pension Plan (CPP) Investment Board is putting its money in the U.S. commercial real estate market.
The Winnipeg Free Press reports that the board is investing US$284 million in properties located in California, the District of Columbia, Massachusetts and New York. Among the transactions are a 40% share in a 426-unit property in Cambridge, Mass., a 45% share in a 340,000 square-foot Class A office property in Washington, D.C., and a 32% interest in two New York office buildings.
‘We think its now a very attractive time to invest in the sector,’ says Peter Ballon, CPP's vice president and head of real estate investments for the Americas, who adds that the U.S. multifamily housing sector is an especially attractive vehicle. ‘The rental market has, in many ways, been, and will continue to be, a beneficiary of the crisis that's been happening in the single-family market.’
