Canada Pension Plan Investment Board To Develop U.S. Housing
Canada Pension Plan Investment Board, Toronto, and real estate company Greystar Real Estate Partners have formed a joint venture to pursue U.S.-based multifamily real estate development opportunities. The C$456.7 billion ($359.7 billion) pension fund invested $350 million for a 90% stake in the joint venture, while Greystar has invested $39 million for the remaining stake, CPPIB spokesman Steve McCool confirmed. Greystar, which has $37 billion in assets under management, will operate and manage the joint venture. There is a significant undersupply of rental housing in the U.S. Despite the global pandemic and short-term economic uncertainty, there continues to be an opportunity for long-term investors to develop high-quality multifamily properties in growth markets,” said Hilary Spann, CPPIB investments’ managing director, head of real estate Americas. With Greystar’s strong national presence and local expertise, our partnership will build a resilient portfolio of well-located assets. This is the board’s second joint venture with Greystar. In September, they announced a joint venture along with Cyrela Brazil Realty to develop multifamily rental housing in Sao Paulo, Brazil.
Tags : INTERNATIONAL Canada Pension Plan Investment Board U.S. Housing Greystar Real Estate Partners