|Our current real estate partners are:
Aliansce Shopping Centers S.A. (“Aliansce”) is one of the leading shopping center developers (largest development pipeline) and manages the second largest number of shopping centers in Brazil among the four publicly held companies in the sector. Aliansce also provides the following core services: (i) management of shopping centers; (ii) lease of commercial spaces in shopping centers; and (iii) planning, developing and implementing shopping centers. Aliansce is actively involved in the development stages of a shopping center, such as planning and preparation of the feasibility study, development of the project, commercialization and management of the shopping center.
Aliansce has a diversified portfolio that includes shopping centers located in all regions of Brazil, with target customers in all income segments. In the beginning of 2011, the Company had ownership interests in fifteen operating shopping centers, which have more than 493,000 square meters of gross leasable area, including Boulevard Shopping Campos which was opened on April 29, 2011. The portfolio also includes ownership interests in two shopping centers which are under development and scheduled to open in 2012. Aliansce manages the shopping centers in which has an ownership interests, with the exception of SuperShopping Osasco and Shopping Santa Úrsula. In addition, the Company manages seven other shopping centers throughout Brazil and also develops Boulevard Shopping Campos.
AMLI Residential (“AMLI”) headquartered in Chicago, Illinois, was founded in 1980 and became a NYSE publicly traded, fully integrated multifamily REIT in 1994. In 2006, Prime Property Fund acquired AMLI in a $2.1 billion (excluding assumption of debt) transaction. Prime Property Fund is a $9 billion, core, open-ended institutional real estate fund managed by Morgan Stanley. AMLI acquires, develops, redevelops, and manages multifamily properties across the United States. As of March 2012, AMLI’s portfolio consisted of 61 communities (over 22,000 units).
CPPIB has entered into joint ventures with AMLI to own and develop high quality multifamily projects in Chicago, Illinois and Dallas, Texas. CPPIB and AMLI intend to expand this partnership through further development and select acquisition opportunities.
AMP Capital is a leading investment house which seeks to deliver outstanding investment outcomes to their clients. In addition to a heritage and strength in real estate and infrastructure, AMP Capital also provides clients with contemporary solutions in fixed income, equities and multi-asset portfolios. AMP Capital shares a 160-year heritage with the AMP Group, one of Australia’s largest insurance providers, providing the security that comes from investing with an organisation that has stood the test of time.
AMP Capital’s Real Estate team draws on sector leading capabilities and insights gained from 50 years experience in offering access to global and regional, listed and unlisted real estate opportunities. On behalf of their clients, AMP Capital manages one of the largest and most established portfolios of diversified real estate investments in Australia and New Zealand, including shopping centres, office buildings and industrial assets in prime, sought-after locations.
In October 2012, CPPIB committed $436 million to the AMP Capital Retail Trust, which holds interests in two regional shopping centres in Australia, Macquarie Centre and Pacific Fair.
Ancar Ivanhoe Shopping Centres (“Ancar”) is one of the most influential players in Brazil’s retail industry, being a developer, manager and long term owner of a high quality portfolio of shopping centres. In September 2006, Ancar announced a strategic joint venture with Ivanhoe Cambridge (a subsidiary of Caisse de Dépôt et Placement du Québec) and two years following the commencement of their partnership, Ancar took on the name of Ancar Ivanhoe.
Ancar was founded in 1972, when the Carvalho family sold their interest in a major Brazilian bank, and decided to deploy their newly realized wealth in Brazil’s emerging retail sector. Today the company employs 2,840 and remains in family control under the leadership of Sergio Andrade de Carvalho (CEO), Marcelo Carvalho (Co-President) and Marcos Carvalho (Co-President). Ancar Ivanhoe’s portfolio now consists of 16 malls totalling 683,600sq.m. of GLA in all five regions of the country (Southern, Southeastern, Central-Western, Northern and Northeastern regions), ten of which are owned by them, and six malls which are managed by the company. The company was the first to develop shopping centers in the cities of Brasilia, Recife, Porto Alegre and Porto Velho. Ancar Ivanhoe is currently in the process of constructing a mall in Campinas, São Paulo, and has expansion projects underway at the following malls: Shopping Nova América, CenterValue Shopping and Iguatemi Porto Algre.
In December 2011, CPPIB partnered with Ancar in the acquisition of a 49% interest in Botafogo Praia Shopping (24.5% each), a prominent beach front vertical mall in Rio de Janiero, Brazil, in which Ancar currently has a 51% interest. The transaction also represents CPPIB’s first partnership with Ivanhoe Cambridge.
Archstone is a recognized leader in apartment investment and operations. The company's portfolio is concentrated in many of the most desirable neighborhoods in and around Washington, D.C., Los Angeles, San Diego, San Francisco, New York, Seattle and Boston. As of June 30, 2011, the company owned or had an ownership position in 434 communities located in the United States and Europe, representing 77,084 units, including units under construction.
AvalonBay Communities, Inc. ("AvalonBay"), headquartered in Alexandria, Virginia, is a publicly traded REIT (NYSE: AVB) and an S&P 500 Index company with an investment grade corporate credit rating. As one of the largest U.S. multifamily REITs, AvalonBay is focused on developing, redeveloping, acquiring and managing high-quality apartment communities in high barrier-to-entry markets of the United States. These supply-constrained markets are in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest, Northern California and Southern California regions of the country.
CPPIB is an investor in AvalonBay’s fund management platform through a US$75 million commitment to the AvalonBay Value Added Fund II, L.P. CPPIB also has executed a term sheet in connection with a possible future commitment of US$125 million for a 49% interest in a multifamily development joint venture with AvalonBay.
Bentall Kennedy is one of North America’s largest real estate investment advisors and one of its foremost providers of real estate services. Bentall Kennedy serves the interests of more than 500 clients across 140 million square feet of office, retail, industrial, hotel, and apartment properties totalling $29 billion throughout Canada and the U.S. Bentall Kennedy has a 100-year track record of delivering superior returns and a reputation for integrity, innovation and creating value.
Multi-Employer Property Trust (MEPT) is a $6 billion, open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets in the US. Founded in 1982, MEPT is owned by more than 350 pension plans. MEPT's portfolio consists of 145 properties in 30 major metropolitan markets across the US.
The Blackstone Group is a preeminent real estate private equity investment firm with approximately $23.8 billion in real estate assets under management. Established in 1992, the real estate operation is a global business led by a core team of senior professionals who have extensive experience in the real estate management business. The Blackstone Real Estate Advisors operation has managed six global and three international (predominately European) real estate funds. The funds have been opportunistic in nature and have often focused on making investments in the lodging sector, major urban office buildings, distribution and warehousing centers, and a variety of real estate operating companies.
CPPIB is a significant investor with Blackstone Real Estate Partners (“BREP”) and has committed $300 million to BREP VI and €200 million to BREP Europe III.
Brookfield Properties Corporation is one of North America's largest commercial real estate companies (NYSE/TSX: BPO) with ownership interests in 113 premier office properties in North America and totaling over 74 million square feet. In November 2005, the Brookfield Properties Consortium, which includes the CPPIB at a 50% interest, completed the acquisition of all of the shares of O&Y Properties Corporation and the units of O&Y Real Estate Investment Trust for a combined total value of approximately $2 billion. The portfolio includes marquee properties such as First Canadian Place and Yonge Richmond Centre in Toronto. Brookfield Properties Corporation, through its subsidiaries, maintains a 25% ownership interest in the portfolio and provides property and asset management services to the Consortium.
Callahan Capital Partners (“CCP”) is a real estate private equity firm focused on creating value in real estate by investing in high-quality office properties and leveraging substantial experience and expertise in asset management to generate above-average risk adjusted returns. CCP’s investments are targeted towards well-located office properties in the U.S. market that exhibit attractive overall market characteristics as well as desirable office fundamentals. Within these markets, CCP pursues investments where it can apply rigorous and creative asset management strategies to optimize value creation.
CPPIB is a significant investment partner in Callahan Capital Partners’ $770 million acquisition of the 2.8 million square feet Denver CBD office portfolio, formerly owned by Equity Office Properties Trust.
CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, the multinational company's core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific, Europe and the Gulf Cooperation Council (GCC) countries.
The company's real estate and hospitality portfolio spans about 110 cities in over 20 countries. CapitaLand also leverages on its significant asset base, real estate domain knowledge, financial skills and extensive market network to develop real estate financial products and services in Singapore and the region.
The listed subsidiaries and associates of CapitaLand include Australand, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, QuillCapita Trust, CapitaMalls Malaysia Trust and CapitaMalls Asia.
CPPIB has committed $180 million to the Raffles City China Fund in 2008 and an additional S150 million to Raffles City Partnership in 2010, sponsored by CapitaLand China Holdings. Both ventures were established to invest in integrated commercial projects, situated in prime locations across China.
In June 2012, CPPIB further grew the relationship with CapitaMalls Asia Limited (CMA), a separately listed entity of CapitaLand, by committing $ 250 million to a CMA-sponsored CapitaMalls China Development Fund III, investing in the development of shopping malls and properties predominantly used for retail purposes in China. As of December 2011, CapitaMalls Asia manages a portfolio of 56 retail properties across 35 cities in China with total Gross Rentable Area of c.61.1million; the venture will leverage on CMA’s network of customers and broad operating platform in China.
Carr Properties is a privately-held real estate investment trust focused on creating value for its shareholders through new investment and development activity in the greater Washington area. The company owns and operates a portfolio of approximately $1 billion of commercial office properties in the Washington area including twenty-four buildings totalling 3.7 million square feet. Carr Properties was formed in March of 2007 as the successor entity to Columbia Equity Trust, Inc., a New York Stock Exchange listed office REIT that was acquired by a subsidiary of JP Morgan Asset Management through a merger transaction.
In early 2011, CPPIB and Carr Properties completed the acquisition of 1255 23rd St. alongside The Metropolitan Life Insurance Company.
Casden Property Company LLC (“Casden”) is a privately held real estate company that is widely regarded as one of the premier developers of multifamily residential properties in the western United States. Casden plans, develops, and manages Class A multifamily communities. The Casden team comprises the complete spectrum of expertise needed for successful multifamily development, from site identification and acquisition through government permitting, design and construction, and finally, marketing and property management. Over the past 45 years, Casden has developed over $7 billion of residential real estate development, including more than 70,000 apartments and 20,000 single family homes and condominiums.
CPPIB has entered into a joint venture with Casden to own and manage Palazzo Westwood Village, a high quality multifamily property in Los Angeles, California. CPPIB and Casden Properties intend to expand this partnership through select development and acquisition opportunities on a highly selective basis.
Citycon Oyj is a major owner and operator of shopping centres in the Nordic and Baltic countries. Headquartered in Finland, the company has been listed on the Helsinki (OMX) stock exchange since 1988. Citycon specialises in shopping centre investment, development, management, leasing, marketing, planning and financing of shopping centres and commercial properties. A subsidiary of Gazit-Globe (a company listed on the Tel Aviv and the New York Stock Exchanges), Citycon owns and operates 78 retail assets spread across 10.7m sq ft valued at approximately C$3.5 billion. Citycon are market leaders in Finland and continue to build market share in Sweden.
In December 2012, CPPIB and Citycon entered into a 50:50 Joint Venture to jointly acquire Kista Galleria Shopping Centre in Stockholm, Sweden. The transaction is based on a property value of approximately SEK 4.6 billion (C$691 million). Kista Galleria is one of the largest and most successful shopping centres in the Stockholm area and features 185 shops and restaurants as well as a cinema, bowling, indoor go-cart and other leisure activities. Located 15 minutes north of Stockholm’s Central Business District, Kista Galleria has a gross leasable area of more than 969,000 sq ft. The property also includes a hotel, student housing, healthcare premises and municipal services. Kista Galleria has average foot traffic of approximately 18.1 million visitors per year, the highest in Stockholm. The shopping centre underwent a complete renovation and large extension in 2002 and was further expanded in 2009.
Clarion Partners is a leading real estate advisor, offering a broad range of investment options – both commingled funds and separate accounts - to both institutions and individuals. Founded in 1982, the firm today has more than $23 billion in total assets under management and 260 professionals based in regional offices across the United States and in Sao Paulo, Brazil. Clarion Partners is privately owned; its 31 senior executives hold significant equity in the firm, creating a strong alignment of interests between the partners and Clarion’s 250 investors. With almost 1,200 properties - 200 million square feet of space – under management, Clarion’s diverse portfolios include all five of the major commercial property types: office, retail, industrial, multi-family residential and hospitality assets.
Colonial First State Global Asset Management ("CFSGAM") is the consolidated asset management division of the Commonwealth Bank of Australia. Entities within CFSGAM provide asset and investment management services to institutional and wholesale investors, as well as indirectly to retail investors. CFSGAM is one of the largest Australian-based investment managers, with a growing presence in selected international markets. They manage portfolios across a diverse range of asset classes, including Australian equities, global equities, global emerging markets, global resources, global property securities, global listed infrastructure securities, global fixed interest and credit, short term investments, direct property and infrastructure investments.
CPPIB has committed A$375 million into the CFSGAM Property retail Partnership (CRP) together with the Future Fund and the remaining investors in the restructured retail property investment vehicle. The portfolio comprises a $1.1 billion diversified portfolio of predominantly regional and sub-regional shopping centres located across Australia. The portfolio includes interests in Rockingham and Midland Gate shopping centres in Western Australia, Grand Plaza and Runaway Bay shopping centres in Queensland and the Myer Centre Adelaide. The portfolio provides 230,000 square metres of retail space, with a combined annual sales turnover in excess of $1.9 billion.
CPPIB has also committed A$455 million into the acquisition of the Northland Shopping Centre which is also managed by CFSGAM. Northland is a super regional shopping centre located in the suburb of Preston, 11km north of Melbourne, Australia. The centre has a gross lettable area of 92,380 square metres, with major tenants including Myer, Kmart, Target, Safeway and Coles. The centre offers over 300 specialty stores with annual sales turnover in excess of A$485 million.
Cyrela Commercial Properties S.A. ("CCP") is a leading Brazilian real estate company engaged in property investment, leasing and sales, with a focus on the development and acquisition of high-end office buildings, shopping malls and logistics facilities. CCP pursues opportunities to acquire, sell and resell commercial properties that, based on its experience and knowledge of the commercial real estate market, offer the potential for superior returns. CCP is a publicly traded company on the Brazilian stock exchange (Bovespa:CCPR3).
CPPIB has committed up to US$250 million in a joint venture with CCP that will focus on the development, acquisition and management of institutional-quality commercial properties in Brazil. The venture will also explore the acquisition of high-quality existing properties on a highly selective basis.
Essex Property Trust, Inc. (“Essex”), headquartered in Palo Alto, California, is a publicly traded, fully integrated REIT (NYSE: ESS) that acquires, develops, redevelops, and manages multifamily properties in select, supply-constrained West Coast markets. As of March, Essex’s portfolio consisted of 158 communities (32,649 units) in Northern California, Southern California and Seattle.
CPPIB has entered into a joint venture with Essex to develop high quality multifamily projects in San Francisco, San Jose, San Mateo and Dublin, California. CPPIB and Essex intend to expand this partnership through further development and select acquisition opportunities.
General Growth Properties (“GGP”) is one of the largest shopping center owners in the United States. GGP has ownership and management interest in 166 regional and super regional shopping malls in 43 states. The company portfolio totals 169 million square feet of space. A publicly-traded real estate investment trust (REIT), GGP is listed on the New York Stock Exchange under the symbol GGP.
In September 2011, CPPIB entered into a joint venture with GGP, which acquired Plaza Frontenac. As a part of the transaction, CPPIB also acquired an interest in Saint Louis Galleria from GGP, both high profile malls are located in the Saint Louis, Missouri metropolitan area.
Global Logistic Properties (“GLP”) is the largest provider of modern logistics facilities in China, Japan and Brazil. It owns, manages and leases an 11.8 million square meter property portfolio, forming an efficient logistics network with properties strategically located in key logistics hubs, industrial zones and urban distribution centres. By providing flexible solutions of Multi-tenant, Build-to-Suit and Sales and Leaseback, GLP is dedicated to improving the supply chain efficiency for strategic expansion goals of the most dynamic manufacturers, retailers and 3rd party logistics companies in the world. The Group was listed on the Mainboard of Singapore Exchange Securities Trading Limited on October 18, 2010 (Stock code: MC0.SI).
CPPIB currently has three ventures with GLP. The first was formed in September 2011, where CPPIB committed up to US$250 million in a 50-50 joint venture to develop and own high quality logistics facilities in Japan. The second and third were formed in 2012, where CPPIB committed R$516M to a development joint venture and R$170M to a stabilized joint venture, both of which will own high quality logistics facilities in major markets in Brazil.
Goodman Group ("Goodman"), is an integrated property group with operations throughout Australia, New Zealand, Asia, Europe and the United Kingdom. Goodman is the largest industrial property group listed on the Australian Securities Exchange and one of the largest listed specialist fund managers of industrial facilities and business park assets globally.
In China, CPPIB has committed up to US$150 million in a Joint Venture with Goodman that will seek to own and develop logistics facilities in Mainland China. The Joint Venture will initially be seeded by four of Goodman's income producing assets. It has a 12-month option to acquire Goodman's land bank plus the first right of refusal over all logistics opportunities sourced by Goodman in Mainland China for as long as the JV continues to actively invest.
In Australia, CPPIB has committed up to A$200 million in a Joint Venture with Goodman to establish a new fund, the Goodman Australia Development Fund (GADF). GADF will focus on acquiring a range of high quality pre-committed development opportunities in Australia. GADF will initially be seeded through the acquisition of the 76,000 square metres distribution center currently being developed for Kmart in Melbourne. This investment will provide the opportunity for CPPIB to establish a strong portfolio of high quality warehouses that is expected to deliver stable income returns over the long term.
In March 2011, CPPIB further grew the relationship by participating in a Goodman-led consortium to privatize the A$2.5 billion, ASX-listed ING Industrial Fund. CPPIB committed A$600 million to the transaction for a 42.5% share. The venture will provide access to a high quality institutional portfolio of industrial assets in Australia and Europe, plus a land bank for future development.
CPPIB has also committed HKD 1,630 million in acquiring a 50% interest in the Interlink industrial development located in Tsing Yi, Hong Kong. The 2.4 million sq. ft. industrial facility is currently under construction and is expected to be completed by February 2012. This is the latest and largest industrial development in Hong Kong since 1999.
In August 2012, CPPIB and Goodman formed the Goodman North American Partnership (GNAP), a U.S.-based Joint Venture that will focus on the development and acquisition of high-quality industrial properties in major U.S. markets. CPPIB will have a 45% interest in GNAP and CPPIB’s initial target equity investment amount is US$400 million.
Grosvenor Fund Management (“Grosvenor”) launched its first fund in 1976 and formally established Grosvenor Fund Management (GFM) in 2005. GFM offers a range of sector and regional specialist property investment funds which aim to deliver attractive, risk adjusted returns. Operating from offices in Australia, China, France, Italy, Japan, Luxembourg, Spain, the UK and the USA we employ professionals with local knowledge and skills to execute our investment decisions. Aligning our interests with our partners and building long-term investor relationships is of paramount importance to us. As at December 31, 2010, Funds under Management were £3.8bn with 70 investor partners in 24 funds and separate account mandates. For further details, please see our Annual Report & Accounts available at www.grosvenor.com.
In mid 2011, CPPIB and GFM partnered to form a £200m joint venture to invest in value add office opportunities across London's West End and Midtown locations. Specifically the Partnership will target older dilapidated buildings which can be refurbished and restored back to Grade A accommodation.
Hammerson is a FTSE 100 company with a real estate portfolio in the UK and France of approximately £5.3 billion. Hammerson's focus is prime real estate, with investments in 16 major shopping centres and 16 retail parks, totaling nearly 1.6 million square metres of retail space. It has also invested in six office buildings in central London totaling 105,000 square metres of space. Hammerson builds long term relationships with the occupiers of its properties working with nearly 1,300 retailers and 130 office tenants.
CPPIB and Hammerson established a Joint Venture to acquire Retail Property Holdings Ltd. on a 50:50 basis in 2009. This company is the owner of the Silverburn Shopping Centre in Glasgow, Scotland, a high-quality regional shopping centre with 95 retailers and a total area of over 90,000 square metres. The total purchase price for the company was £297.5 million. Hammerson is responsible for asset management of the centre for the Joint Venture.
In August 2010, CPPIB and Hammerson established a Joint Venture, on a 70:30 basis, to acquire a long leasehold interest in 10 Gresham Street, a 260,000 square foot prime City of London office building. The total purchase price for the property was £123 million. Hammerson is responsible for asset management of the property for the Joint Venture.
Henderson Global Investors (“Henderson”) is a major investor in the global real estate market with over 20 years experience managing assets through segregated mandates, pooled funds, property securities and fund of funds clients. Henderson’s property group has total assets of £10.6 billion under management. Its real estate headquarters are in London but it also has offices in continental Europe, Asia and the USA.
CPPIB is a major investor in the Henderson UK Shopping Centre Fund (“HSCF”), and also a major co-investor in a single asset. HSCF is a retail fund that invests in dominant shopping centres in major UK cities. The fund also has a development pipeline which over the life of the fund could enhance total fund returns.
Established in 1981, The John Buck Company is a privately-owned corporate real estate firm specializing in investment, development, property management, leasing and consulting services.
Since its formation, The John Buck Company has entered into over $10.5 billion of real estate transactions having owned, developed or redeveloped over 40 million square feet across the office, mixed-use, residential, retail and hotel property types. The success of The John Buck Company’s property development division has guided the company into becoming one of the largest management and leasing companies in the Midwestern United States.
In December 2011, CPPIB and The John Buck Company completed the acquisition of 740 15th Street, a 171,000 square foot historic office property in downtown Washington, DC.
Kimco Realty Corporation ("Kimco"), a real estate investment trust, owns and operates North America’s largest portfolio of neighborhood and community shopping centers. The company owns interests in over 1,450 retail properties comprising in excess of 150 million square feet of leasable space across 45 states, Puerto Rico, Canada, Mexico and South America. Publicly traded on the NYSE under the symbol KIM and included in the S&P 500 Index, Kimco has specialized in shopping center acquisitions, development and management for 50 years.
In early 2010, CPPIB established a joint venture with Kimco focusing on the acquisition of necessity-based neighborhood and community shopping centers in the U.S, with CPPIB and Kimco holding 45% and 55%, respectively. The joint venture currently owns five retail properties totaling over 2 million square feet of leasable area.
Land Securities is the UK’s largest commercial property company and a member of the FTSE 100. The company owns and manages more than 29 million sq ft of property, from shopping centres to offices. For more information see www.landsecurities.com
LaSalle Investment Management (“LaSalle”) is one of the world’s leading real estate investment managers. With nearly 700 employees in 16 countries worldwide, the company manages $40.2 billion of private and public property equity investments for a diverse client base.
CPPIB has committed the equivalent of approximately $800 million to seven funds managed by LaSalle and their affiliates. $75 million is committed to the Canadian Income & Growth Fund, which focuses on value-added opportunities in Canada; €40 million to LaSalle French Fund II, a fund investing in France; £75 million to LaSalle UK Ventures, a fund investing in the UK market; €110 million to LaSalle German Income and Growth Fund, a fund investing in Germany; US$100 million to LaSalle Investment Company II, a fund with a global mandate; €150 million to LaSalle Paris Office Venture, a joint venture focusing on the Paris market; and £200 million to the Merlin UK Property Venture, a vehicle investing in core assets in the UK.
Lend Lease is a leading international property and infrastructure group with operations in Australia, Asia, the Americas, and Europe, the Middle East, and Africa (EMEA).
Lend Lease has over 50 years of property and infrastructure experience, and has completed more than 10,000 projects around the world. Our clients and investors can choose to leverage our strengths and expertise through all or part of the property and infrastructure value chain – Development, Investment Management, Construction or Services. Lend Lease also owns and co-invests in both property and infrastructure alongside our investors and partners.
In July 2012, CPPIB committed to invest A$1 billion into the Lend Lease International Towers Sydney Trust, the vehicle established to hold the proposed major commercial buildings to be developed at Barangaroo in Sydney. The towers will be known as International Towers Sydney.
Liquid Realty Partners is a global leader in real estate secondary investing. It focuses exclusively on acquiring interests in real estate funds, partnerships, joint ventures, separate accounts, trusts and other private investment vehicles, and recapitalizing real estate assets and portfolios. Since 2001, it has accepted $1.5 billion in capital commitments, making it the largest provider of secondary and recapitalization liquidity.
CPPIB has committed £100 million to Liquid Realty Partners III (“LRP III”), which is managed by an affiliate of Liquid Realty Partners. LRP III has acquired a portfolio of interests in UK property unit trusts on a secondary basis.
Meadow Partners is an international real estate investor and asset manager with offices in New York City and London. Meadow Partners’ management team has significant real estate investment experience and a proven track record investing across various transaction structures, geographic locations, and property types. Capitalizing on its extensive network of relationships and access to proprietary deal flow, Meadow Partners seeks to acquire real estate assets, maintaining a strategic focus on the highest potential risk-adjusted returns.
MGPA is an independently managed private equity real estate investment advisory company focused on real estate investment in Europe and Asia. Through its headquarters in Bermuda and network of offices throughout Europe and Asia, MGPA currently manages US$11 billion in assets throughout these two regions. Its managed investments include development and redevelopment projects, joint-ventures and real estate operating companies in the office, retail, industrial, residential and hotel sectors. MGPA is owned by its senior management team and the Macquarie Group, a global provider of banking, financial, advisory, investment and funds management services, listed in Australia. CPPIB has committed US$300 million to MGPA Asia Fund III, L.P., a closed-ended Fund with a discretionary mandate to make opportunistic investments throughout Asia.
Morgan Stanley's real estate franchise comprises three distinct yet globally integrated businesses: banking, investing and lending. Morgan Stanley Real Estate Investing is one of the largest real estate investment managers globally. Since 1991, it has acquired $174.7 billion of real estate assets worldwide and currently manages $45.6 billion in real estate assets on behalf of its clients. As a global leader in real estate lending, Morgan Stanley has offered approximately $210.9 billion of CMBS through the capital markets since 1997.
CPPIB has committed US$150 million to Morgan Stanley Real Estate Fund VI – International, and US$360 million to Morgan Stanley Real Estate Fund VII – Global.
Multi Corporation ("Multi") is the leading commercial developer of inner-city retail space in Europe, comprising complementary companies in property development, investment, asset management and property management.
Multi’s strategy, since 1982, has focused on developing and managing projects in European cities where significant growth has been realized. Multi is active in 14 countries with its headquarters in the Netherlands.
Multi’s “Design & Development” formula focuses on outstanding design and quality. Multi uses its design group, T+T Design, for all urban development and architectural concepts. Multi’s projects are internationally recognized and frequently awarded for their originality, quality of architectural character, sustainability and profound sensitivity to local environments.
CPPIB has taken an equity position in Multi's Turkey Retail Fund, a real estate development fund to develop and manage 21 shopping centres in Turkey.
Oxford Properties ("Oxford") is one of Canada's largest real estate companies and a wholly-owned subsidiary of the Ontario Municipal Employees Retirement System (OMERs). CPPIB has invested in a 50% interest with Oxford in a portfolio of 11 office and retail properties in six major Canadian cities totaling 8.2 million square feet. Landmark properties in the portfolio include the Royal Bank Plaza in Toronto, Canterra Tower in Calgary and Constitution Square in Ottawa. Oxford Properties holds the remaining 50% interest in the portfolio and provides property and asset management services for the partnership.
In March 2012, CPPIB expanded its joint-venture with Oxford through the acquisition of a 50% interest in two office properties in Vancouver, 401 West Georgia and 800 Burrard (Oxford owns the remaining 50%).
Pramerica Real Estate Investors (“Pramerica”) is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in real estate equity and debt opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Pramerica has a global presence with 24 offices in the United States, Europe, Middle East, Asia and Latin America and manages over $46.4 billion in gross real estate assets* invested in over 30 countries on behalf of over 490 investors worldwide.
Pramerica has been managing real estate investments for clients since 1970 when it pioneered the use of the open-end, commingled equity real estate fund, offering U.S. investors access to a diversified investment in core commercial real estate. Since then, Pramerica’s investment management activities have expanded to include higher returning strategies offered through a series of open and close-end diversified commingled funds and separately managed accounts which span the risk spectrum from core to opportunistic.
CPPIB has partnered with Pramerica and has committed £100 million to Pramerica Real Estate Capital I ("PRECap I"). PRECap I closed at £492 million in April 2011, and seeks to invest in a diverse mezzanine finance portfolio secured against commercial real estate assets located in major Western European markets with a specific focus on the United Kingdom and Germany.
* Figures are as at March 31, 2011, total net assets under management equal $28.4 billion.
ProLogis is a leading global provider of distribution facilities, with operations in 105 markets and 18 countries across North America, Europe and Asia. The company has nearly $34 billion of assets owned, managed and under construction, comprising more than 475 million square feet (44 million square metres) in more than 2,500 facilities. ProLogis' customers include manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. Headquartered in Denver, Colorado, ProLogis is a member of the S&P 500 and is publicly traded on the New York Stock Exchange under the ticker "PLD."
CPPIB is a significant investor in ProLogis’ fund management platform, having committed $150 million to ProLogis Mexico Fund I and €462 million to ProLogis European Properties Fund II.
RioCan Real Estate Investment Trust ("RioCan") is one of Canada's largest REITs (TSX: REI.un), with ownership interests in over 196 retail properties totaling over 46 million square feet of space. CPPIB has committed to acquire, on a forward purchase basis, a 50% interest in three retail power centres in Oakville, Calgary and Edmonton from RioCan and related parties. The total purchase price is projected to be approximately $190 million and will be invested through staggered closings beginning in the summer of 2006. This is the first acquisition made under the strategic platform established in October 2004 with RioCan to acquire premier regional power centres in Canada on a 50/50 basis. In addition, RioCan will provide property and asset management services for the centres acquired under the joint venture.
In 2008, CPPIB committed $200 million towards the development of two retail power centres in Toronto and Calgary on a 50/50 basis and 37.5% of one retail power centre in Calgary. This is the second investment with RioCan for CPPIB.
The Rockefeller Group ("RGI") is a private corporation dedicated to excellence in commercial real estate ownership, development, property management and investment management services. RGI was established in 1928 by John D. Rockefeller Jr. to develop the Rockefeller Center complex, completed in the early 1950s. Beginning in the late 1950s, RGI led the development of the iconic Avenue of the Americas corridor and by the 1970s had ultimately delivered a total of 20 million square feet to the skyline of Midtown Manhattan, including 1221 Avenue of the Americas. RGI is headquartered in New York City and owned by Mitsubishi Estate Co. Ltd. (TYO: 8802).
CPPIB is a significant investment partner with RGI in 1221 Avenue of Americas, a 2.5 million square foot Class A office building in Midtown Manhattan. The CPPIB investment is managed through Rockefeller Group Investment Management Corp. (RGIM).
Simon Property Group, Inc. (“SPG”) is an S&P 500 company and the largest U.S. retail REIT. SPG currently owns or has an interest in 390 properties comprising 262 million square feet of gross leasable area in North America, Europe and Asia. SPG is headquartered in Indianapolis, Indiana and employs more than 5,000 people worldwide. SPG's common stock is publicly traded on the NYSE.
CPPIB has partnered with SPG in the Mayflower partnership, which owns a 10.1 million square foot portfolio of 13 regional malls located mostly throughout the New England area in the United States. SPG provides property and asset management services for the partnership.
SL Green Realty Corp. ("SL Green") is a self-administered and self-managed real estate investment trust, or REIT, that predominantly acquires, owns, repositions and manages Manhattan office properties. SL Green is the only publicly held REIT that specializes in this niche. As of March 31, 2010, SL Green owned interests in 30 New York City office properties totaling approximately 24,258,700 square feet, making it New York’s largest office landlord. In addition, at March 31, 2010, Sl Green held investment interests in, among other things, eight retail properties encompassing approximately 374,812 square feet, three development properties encompassing approximately 399,800 square feet and two land interests, along with ownership interests in 31 suburban assets totaling 6,804,700 square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey.
In February 2012, CPPIB expanded its joint-venture with SL Green through the acquisition of 10 East 53rd St., a 37-storey, 390,000 square foot Midtown Manhattan office building.
The Stadium Group is a private family owned group of companies specializing in property development, investment and asset management. Founded in 1982 by Eddie Healey, it is one of the largest private property companies in the UK. Stadium focuses on regionally dominant shopping centres and retail parks in the UK and Germany and covers all aspects of property ownership including project design, development, construction, asset management, finance and investment. Since 1982 the group has developed over 600,000 square metres (6.55 million square feet) of retail and leisure floor space along with office and industrial schemes and motorway service stations. The current retail portfolio totals 266,000 square metres (2.86 million square feet), and over the past 12 years, Stadium has bought and sold properties with a combined value of £2.1 billion,
In May 2011 CPPIB and Stadium entered a 50:50 Joint Venture on “CentrO”, a 1.6 million square foot super-regional shopping and leisure centre in Oberhausen, Germany. Centro was developed by Stadium in 1996 and is one of the largest and most successful retail developments ever undertaken in Germany. Stadium will continue to asset manage and develop the centre, including construction and leasing of a further 112,000 square foot extension of the centre.
TIAA-CREF Asset Management® ("TIAA-CREF"), a division of Teachers Advisors, Inc., provides institutional investors with access to the TIAA-CREF organization’s sophisticated investment management, research and analytical capabilities. With more than US$406 billion in combined assets under management as of December 31, 2006, TIAA-CREF is best known as the leading provider of retirement services in the academic, research, medical and cultural fields and is one of the largest institutional real estate investors in the U.S. with more than US$68 billion invested in real estate assets.
In February 2007, TIAA-CREF Asset Management® closed a US$500 million real estate transaction with CPPIB. This transaction includes a US$300 million investment in a joint venture which will invest in Class A office properties in the United States, and a US$200 million investment in a TIAA-CREF Asset Management direct real estate investment strategy. All assets will be managed by the Global Real Estate group of TIAA-CREF Asset Management. The total commitment to the joint venture is US$612 million in equity of which TIAA-CREF will contribute 51% (US$312 million) and will provide asset management services, and the CPPIB will contribute 49% (US$300 million). Including debt, the gross value of the venture is expected to reach approximately US$1.5 billion.
USAA Real Estate Company ("USAA Real Estate") has approximately $5 billion of assets under management and provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA Real Estate Company portfolio consists of office, industrial, retail, multi-family and hotel properties as well as investments in real estate operating companies with an annual volume of transactions in excess of $1 billion. USAA Real Estate is a subsidiary of USAA, which has been serving military families since 1922 and has become one of America’s leading financial services companies. The association, well known for its exceptional service, offers its 6.6 million members a comprehensive range of insurance, banking and investment products and services designed to help them meet their financial needs. Headquartered in San Antonio, Texas, with offices throughout the United States and Europe, USAA owns or manages assets of more than $126 billion. For more information, please visit the website at www.usrealco.com.
CPPIB is a significant investor in US Industrial REIT II having invested $88 million. CPPIB also recently executed an agreement to invest $300 million in office and retail properties taking advantage of rapid population growth, high job growth and favorable market conditions within key markets within the southern United States.
Vornado Realty Trust is a fully integrated real estate investment trust (REIT), one of the largest publicly traded U.S. REITs [NYSE: VNO]. The Company is included in the S&P 500 and has an investment grade debt rating. Headquartered in New York, Vornado is one of the largest owners and managers of commercial real estate in the United States with a portfolio totaling over 100 million square feet, primarily located in the New York City and Washington, DC metropolitan areas. The Company’s four major platforms are Manhattan Office, Washington, DC Office, Retail and Merchandise Mart.
The Westfield Group (“Westfield”) has interests in and operates one of the world's largest shopping centre portfolios and is one of the largest entities listed on the Australian Securities Exchange. The global portfolio has 124 high quality regional shopping centers in Australia, New Zealand, the United States, the United Kingdom and Brazil valued in excess of $59 billion, with approximately 25,000 retailers in more than 10.5 million square meters of retail space.
CPPIB has invested alongside established partners APG and Westfield in the Westfield Stratford City Shopping Centre adjacent to the site of the 2012 Olympics. It is a 1.9 million square foot major retail and entertainment destination and is the largest urban shopping centre in Europe. CPPIB is also a major investor in the Westfield UK Core Shopping Centre Fund, which owns interests in four regional shopping malls located in major cities throughout the UK.
In March 2012, CPPIB formed a joint venture with Westfield consisting of 10 regional shopping malls and 2 development sites in the United States. The properties are located in coastal markets in the U.S. totaling 13.5M square feet in gross leasable area.