Our current real estate partners are:

AvalonBay Communities, Inc., 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 Capital is Canada’s largest real estate advisory and services organization, with over $15 billion in assets under management. Founded in 1911, Bentall provides portfolio, asset and property management as well as leasing and development services to Canada’s leading institutional investors. In the US, Bentall Capital partners with and holds an ownership interest in Kennedy Associates Real Estate Counsel, America’s largest independent real estate investment advisor. In China, Bentall has formed a joint venture with The Balloch Group, a China based investment advisory, to invest in real estate in China.

CPPIB is an inaugural investor in the Bentall Balloch China Property Development Fund. Established in 2007, the fund invests in residential real estate development projects in leading Tier 2 cities within China. This investment represents CPPIB’s first emerging markets real estate investment. CPPIB has committed $75 million to the Bentall Balloch China Property Development Fund.

Blackstone is a preeminent real estate private equity investment firm with approximately $26.3 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. Utilizing the rigorous, disciplined investment process which characterizes all of Blackstone’s private investing activities, the real estate group maintains a strong value orientation.

CPPIB is a significant investor in 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 120 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 and CapitaRetail China Trust

CPPIB has committed $150 million to the CapitaLand-sponsored Raffles City China Fund ("RCCF"), which is the second China focused real estate investment by CPPIB.  RCCF was established to invest in a portfolio of integrated commercial projects, situated in prime locations across China.

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.

DEXUS is one of the largest diversified property groups in Australia, with over $15 billion of assets under management. The group has extensive experience in owning, managing and developing high quality office, industrial and retail properties in Australia and select international markets. The DEXUS corporate history dates back over 24 years, during which time the group has established leadership positions in the office, industrial and retail property sectors. DEXUS offers investors access to a world-class property portfolio managed by our expert team of property and funds management professionals. DEXUS Property Group's portfolio is located in key locations across Australia, New Zealand, the United States, France, Germany and Canada. The Group employs more than 300 employees and manages more than 250 office, industrial and retail properties with over 5,000 tenants.

CPPIB is a major investor in the DEXUS Wholesale Property Fund (DWPF), an open-ended unlisted property fund with total gross assets of over $3.2 billion. DWPF has a high quality portfolio with approximately 85 percent of the portfolio comprising prime office buildings or regional retail centres located in Australia.

Goodman Group (Goodman), 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.

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.

Hammerson is a FTSE 100 company with a real estate portfolio in the UK and France of approximately £4.7 billion. Hammerson's focus is prime real estate, with investments in 16 major shopping centres and 18 retail parks, totaling nearly 1.5 million m² of retail space. The portfolio includes eight of the top retail destinations in the UK, five major shopping centres in the Paris region and six office buildings in central London.  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 into a Joint Venture to acquire Retail Property Holdings Ltd on a 50:50 basis in 2009. Retail Property Holdings owns Silverburn Shopping Centre in Glasgow, Scotland, a high-quality regional shopping centre with 95 retailers and a total area of over 90,000 sq m. The total purchase price for the company was £297.5 million. Hammerson is responsible for asset management of the centre 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 and currently have US$22 billion assets under management. Their real estate headquarters are in London but they also have offices in continental Europe, Asia and the USA. In 2006 Henderson’s real estate team continued to deliver strong performance to more than 200 institutional investors with over 92% of funds outperforming their benchmarks over the last three years.

CPPIB is a major investor in the Henderson UK Shopping Centre Fund (“HSCF”), and we have taken a co-investment position in a new acquisition. HSCF is a US$1.5 billion UK retail fund that invests in dominant shopping centres in the major UK cities. This sub-sector is defensive in nature and has superior rental growth and long term performance prospects. HSCF has a major development pipeline which over the life of the fund should enhance total fund returns.

ING Real Estate Investment Management ("ING REIM") group manages in excess of €65 billion of real estate investments around the world and has major investment operations in the USA, UK, Europe, Asia and Australia. CPPIB currently has two investment programs with ING REIM in the UK one in continental Europe and a fourth in Mexico. 

The Capital (London) Fund is a joint-venture that originally acquired two prime offices properties in the City of London, UK for £355 million. Subsequently, a third property was added for £9.5 million.  CPPIB owns 80% of the Capital (London) Fund and the remaining 20% is owned by ING Insurance. CPPIB has also invested approximately £55 million into the ING Retail Property Fund Britannica Unit Trust. Britannica targets the acquisition of under-performing shopping centers where it believes value can be enhanced through active asset management techniques. The Britannica fund currently owns eight shopping centers throughout the UK. CPPIB has also committed €125 million to the ING European Industrial Fund, a vehicle that acquires high quality and well located industrial and logistics assets on a pan-European basis.

CPPIB has also committed US$150 million to the ING Lion Mexico Fund, which will invest primarily in high quality consumer staple retail properties, the corresponding industrial distribution warehouses and residential development.

LaSalle Investment Management Inc., which is headquartered in Chicago, has approximately US$44 billion of real estate assets under management on a global basis. CPPIB has committed the equivalent of approximately $800 million to seven funds managed by LaSalle Investment Management Inc. and their affiliates. $75 million is committed to the Canadian Income & Growth Fund, which focuses on value-added opportunities in Canadian office, industrial, retail and multi-unit residential properties. CPPIB has also committed €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; approximately €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 venture investing in core assets in the UK.

Liquid Realty Partners specializes in acquiring interests in private real estate funds, partnerships and trusts on a secondary basis. The firm has approximately $900 million in equity commitments under management, and has transacted with leading institutional investors to acquire interests in real estate vehicles spanning all investment styles, stages, sizes and geographies globally. 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.

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 Real Estate is comprised of three major global businesses: Investing, Banking and Lending. Since 1991, Morgan Stanley Real Estate has acquired $171.0 billion of real estate assets worldwide and currently manages $96.6 billion in real estate assets on behalf of its clients. A complete range of market-leading investment banking services for real estate clients include advice on strategy, mergers, acquisitions and restructurings, as well as underwriting public and private debt and equity financings. As a global leader in real estate lending, Morgan Stanley has offered approximately $210.9 billion of CMBS through the capital markets since 1997, including $44.9 billion in 2007.

CPPIB has committed US$150 million to Morgan Stanley Real Estate Fund VI – International, and US$400 million to Morgan Stanley Real Estate Fund VII – Global.

Multi Corporation is the leading commercial developer of retail space in Europe, comprising complementary companies in property development, investment, asset management and mall management.  Multi’s strategy, since 1982, has focused on developing and managing projects in European cities where significant growth has been realised.  With the recent backing of a Morgan Stanley Real Estate Fund, Multi strengthened its position to become an investing developer and move forward on its path to further growth.

Multi Development develops large-scale mixed-use shopping centres, inner-city regeneration projects and offices that are innovative yet user-oriented. Multi Investment holds a selection of Multi projects, entirely or partly, as long-term investor with the intention to build up a diversified, pan-European portfolio of first-class shopping centres. Multi Asset Management is the asset manager of Multi’s pan-European investment portfolio and an excellent hands-on partner for co-investors. Its objective is to maximize the overall value of Multi’s developments. Multi Mall Management has established and refined mall management in many Multi shopping centres across Europe to increase the quality of the retail offering and drive value.

Multi’s “Design & Development” formula focuses on outstanding design and quality. Multi has its own design group, T+T Design, for 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. Multi developments regularly act as the engine for revitalizing a city or local area. By respecting the uniqueness of the local culture and environment, Multi develops projects with which people can easily identify and captivate retailer and consumer attention.  Multi is active in 17 European countries with its headquarters in the Netherlands.

CPPIB has taken an equity position in Multi's Turkey Retail Fund, a real estate development fund to develop 21 shopping centres in Turkey.

Osmington Inc. is a private real estate company based in Toronto and manages approximately $2.5 billion of properties for Canadian institutional investors. CPPIB has invested in two separate programs with Osmington on an 80/20 basis jointly owning a combined total of nine regional shopping centres in Canada. The first program consists of a value-add strategy for for retail properties. The second program is a long-term hold core asset strategy and includes five dominant regional shopping centres in Ontario and Quebec. Property management services are provided by Redcliff Realty Management with asset management functions provided by Redcliff Realty Advisors, both subsidiaries of Osmington. In total, Redcliff manages $3.7 billion of properties and 20 million square feet of space for Canadian institutional investors.

Oxford Properties 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.

ProLogis is the world’s largest owner, manager and developer of distribution facilities, with 483 million square feet (44.9 million square meters) of industrial space in 105 markets across North America, Asia and Europe and leases industrial space to manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. Headquartered in Denver, Colorado, ProLogis is a Fortune 1000 company and a member of the S&P 500.

ProLogis manages 17 property funds, which combined own more than $18 billion of high-quality industrial real estate assets all over the world and aligns its interests with those of its property fund partners by holding a significant equity stake in all of its funds, in addition to managing properties on each fund’s behalf.

CPPIB is a significant investor in ProLogis’ fund management platform and has committed $150 million to the ProLogis Mexico Fund I and €400 million to ProLogis’ second pan-European Fund, ProLogis European Properties Fund II, which will both only invest in distribution facilities. Recently, CPPIB increased its commitment to the ProLogis European Properties Fund II by €100 million.

RioCan Real Estate Investment Trust 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.

TIAA-CREF Asset Management®, 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 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.