Toronto, Ontario (September
12, 2017): 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
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.
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Director, Global Corporate
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