Office towers in Tokyo's Shiodome neighborhood, which is part of the city's central business district

CPPIB launches Tokyo real estate venture with GE Capital

Canada Pension Plan Investment Board, Toronto, and GE Capital Real Estate created the Tokyo Office Venture, a partnership that invests in midsize offices in the Japanese capital's central business district.

The C$172.6 billion (US$172.1 billion) pension fund has made an initial commitment of 49% of the 40 billion (US$403 million), with the remaining investment provided by GE Capital. No investments have yet been made by either party, according to Linda Sims, board spokeswoman.

The venture will focus on core-plus and value-added opportunities.

As of Dec. 31, the board had C$19.2 billion in real estate investments. GE Capital Real Estate, which finances real estate acquisitions globally, holds about US$7.7 billion in assets in Asia Pacific.