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Canada Pension Plan Investment Board To Develop U.S. Housing

Canada Pension Plan Investment Board, Toronto, and real estate company Greystar Real Estate Partners have formed a joint venture to pursue U.S.-based multifamily real estate development opportunities.   The C$456.7 billion ($3

BY Realty Plus
Published - Friday, 15 Jan, 2021
Canada Pension Plan Investment Board To Develop U.S. Housing
Canada Pension Plan Investment Board, Toronto, and real estate company Greystar Real Estate Partners have formed a joint venture to pursue U.S.-based multifamily real estate development opportunities.   The C$456.7 billion ($359.7 billion) pension fund invested $350 million for a 90% stake in the joint venture, while Greystar has invested $39 million for the remaining stake, CPPIB spokesman Steve McCool confirmed. Greystar, which has $37 billion in assets under management, will operate and manage the joint venture. There is a significant undersupply of rental housing in the U.S. Despite the global pandemic and short-term economic uncertainty, there continues to be an opportunity for long-term investors to develop high-quality multifamily properties in growth markets,” said Hilary Spann, CPPIB investments’ managing director, head of real estate Americas.  With Greystar’s strong national presence and local expertise, our partnership will build a resilient portfolio of well-located assets. This is the board’s second joint venture with Greystar. In September, they announced a joint venture along with Cyrela Brazil Realty to develop multifamily rental housing in Sao Paulo, Brazil.  

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