Canada Pension Plan Investment Board, Toronto, committed an additional US$334 million to multifamily luxury rental real estate developments in California, Georgia and Massachusetts through joint ventures, said Mei Mavin, board spokeswoman.
Two commitments totaling $116 million were made with Essex Property Trust, while a commitment of $117 million was made with AMLI Residential Properties Trust; $90 million to Multi-Employer Property Trust; and $11 million with Allianz Real Estate.
The commitments bring CPPIB's total in U.S. multifamily properties to $1.3 billion.
The board manages the assets of the C$219.1 billion (US$199.9 billion) Canada Pension Plan, Ottawa, and had 11.6% of total assets in real estate as of March 31.
