Cadillac Fairview, the real estate subsidiary of the C$221 billion ($179.7 billion) Ontario Teachers Pension Plan, Toronto, committed $400 million to Hines Asia Property Partners.
Hines Asia Property Partners is an open-end, multisector, diversified real estate fund that targets investments in Australia, China (including Hong Kong), Japan, Singapore and South Korea, Cadillac Fairview spokeswoman Janine Ramparas confirmed Tuesday.
Cadillac Fairview serves as the founding investor for the newly launched fund. In January, Hines hired Chiang Ling Ng as its first chief investment officer, Asia, reflecting the real estate money manager's new global strategy.
Cadillac Fairview has more than C$36 billion in assets under management.