The Canada Pension Plan Investment Board (CPPIB) has acquired a 50% joint venture interest in CentrO Oberhausen, a premier super-regional shopping and leisure centre in Germany, valued at EUR1.3 billion, from Stadium Group.
CPPIB’s equity investment is EUR270 million. Stadium will retain its 50% interest in CentrO and will continue to manage the shopping centre.
Located 40 kilometres north of Dusseldorf, CentrO is a 1.6 million-square-foot shopping and leisure centre and draws from a population of approximately 11.7 million people that live within a 60-minute drive of the complex in both Germany and the Netherlands.
Coming on the heals of this acquiring, in a separate deal CPPIB acquired a 36.9% interest in the Mayflower partnership from institutional investors advised by JP Morgan Asset Management, for US$350 million.
The Mayflower partnership owns a portfolio consisting of 13 regional malls located in the United States, mostly throughout the New England area.
Through the acquisition, CPPIB will become partners with Simon Property Group, Inc., the largest U.S. retail REIT, and Teachers Insurance and Annuity Associated – College Retirement Equities Fund, one of the largest institutional real estate owners in the U.S. Both retain their existing interests of 49.1% and 14% respectively.
The portfolio comprises a 10.1 million-square-foot strategic footprint of well-established assets that primarily service the greater Boston area, and includes top-tier properties such as Northshore Mall in Massachusetts and the Mall at Rockingham Park in New Hampshire.