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CPPIB Boosts Assets, Takes Slight Loss

The Canada Pension Plan Investment Board increased its net assets but suffered a slight loss in its latest quarter.

Toronto-based CPPIB said Thursday in its quarterly report that net assets rose to $575 billion from $570 billion in the previous quarter. But its fund experienced a 0.8 per cent loss as gains were offset by higher interest rates and a stronger Canadian dollar relative to its U.S. counterpart.

Among transaction highlights, CPPIB sold its 45-per-cent stake in a Southern California medical-office portfolio for net proceeds of US$100 million. CPPIB and joint-venture partner Health Care REIT, based in Toledo, Ohio, acquired the eight-building portfolio in 2015.

Most of the assets are located within the Golden Triangle district of Beverly Hills with the remainder in San Diego and Los Angeles.

CPPIB said it made its original investments in the JV between 2015 and 2017.


Inside The Story

Canada Pension Plan Investment BoardMonte Stewart

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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