TORONTO, Sept. 12, 2017 (GLOBE NEWSWIRE) -- Canada Pension Plan Investment Board (CPPIB) announced today that it has completed the sale of its 50% ownership interest in Constitution Square, an Ottawa office property, to Greystone and Canderel, with the acquisition led by Canstone Realty Advisors. Net proceeds to CPPIB from the sale were approximately $240 million before closing adjustments.
Constitution Square is a three-tower office complex totalling 1.1 million square feet located in downtown Ottawa. CPPIB acquired its ownership interest in 2005.
“The continued strength of the Ottawa real estate market provided us with an opportune time to monetize our position in this asset,” said Hilary Spann, Managing Director, Head of Americas, Real Estate Investments, CPPIB.
As at June 30, 2017, CPPIB’s investments in real estate assets totalled $40.9 billion.
About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 20 million contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, São Paulo and Sydney, CPPIB is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At June 30, 2017, the CPP Fund totalled C$326.5 billion. For more information about CPPIB, please visit www.cppib.com or follow us on LinkedIn or Twitter.
| For more information: | |||
| Dan Madge Senior Manager, Media Relations T: +1 416 868 8629 dmadge@cppib.com | Mei Mavin Director, Global Corporate Communications T: +44 203 205 3406 mmavin@cppib.com | ||