CPP Investment Board purchased a 50% interest in a portfolio of 11 Canadian commercial real estate properties from Oxford Properties Group for C$1 billion (US$798.15 million), said John Cappelletti, manager, communication for the board. Funding came from cash. Oxford Properties is the real estate investment subsidiary of the C$32 billion Ontario Municipal Employees Retirement System, Toronto.
The CPPIB's target real estate allocation is up to 10% of assets. The board manages assets of the C$81.3 billion ($65.73 billion) Canada Pension Plan, Ottawa.