The Canada Pension Plan Investment Board (CPPIB) is making its first investment in India’s real estate market.
It’s forming a joint venture with Mumbai-based real estate developer Shapoorji Pallonji Group to acquire office buildings in the major metropolitan areas of the country.
The CPPIB will own 80% of the venture with an initial equity commitment of US$200 million ($211.9 million).
“India is a key growth market for the CPPIB, and, as a long-term investor, we believe there are attractive investment opportunities across various sectors,” says Mark Wiseman, president and CEO of the board.
The venture will target foreign direct investment-compliant office assets that are substantially leased to prominent tenants.
The CPPIB was advised by Vikram Gandhi, founder of VSG Capital Advisors and senior advisor for investment opportunities in India.
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