Canada Pension Plan Investment Board, Toronto, committed $375 million to Raffles City China Investment Partners III, a private real estate fund managed by CapitaLand, the board announced Monday.
The commitment by CPPIB, which manages assets of the C$287.3 billion ($218.6 billion) Canada Pension Plan, Ottawa, makes up 25% of the CapitaLand fund, the board said in a news release. The fund will invest in commercial real estate in Chinese cities.
The CapitaLand portfolio is a closed-end fund, a CPPIB spokeswoman said.
The board already invests $570 million in three CapitaLand investment funds — Raffles City China Fund I, Raffles City Changning and CapitaMalls Asia China Development Fund III, the spokeswoman said.
CPPIB had 12.9% in real estate as of June 30.
