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CPPIB and GE Capital Real Estate teaming up to invest in Tokyo office buildings

TORONTO – Canada Pension Plan Investment Board and GE Capital Real Estate are teaming up to invest in office buildings in Tokyo.

CPPIB and GE Capital Real Estate will initially invest a total of US$403 million in the venture which will focus on mid-size offices in the key central business district of the Japanese capital.

The Canadian pension fund will hold 49 per cent, while GE Capital Real Estate will own 51 per cent.

“This opportunity provides us with an attractive entry point to the Tokyo office sector and supports our strategy to expand our real estate portfolio in Asia,” said Graeme Eadie, CPPIB’s head of real estate investments.

“We look forward to partnering with GECRE, one of the world’s premier real estate lessors with a proven track record in Japan.”

GE Capital Real Estate has been managing real estate properties in Japan since 1998.

The Canada Pension Plan Investment Board invests the money not needed by the Canada Pension Plan to pay benefits.