CPPIB enters Malaysian RE market through JV with Pavilion Gr

[Porker]

Canada Pension Plan Investment Board ("CPPIB") and Pavilion Group ("Pavilion") today announced the creation of a joint venture to invest in Pavilion Damansara Heights, a mixed-use development project in Kuala Lumpur, Malaysia. As part of the joint venture, CPPIB will commit approximately MYR485 million (C$170 million) for a 49% interest in the development.

 

Representing CPPIB's first direct real estate investment in Malaysia, Pavilion Damansara Heights is a freehold development integrating corporate towers, luxury residences and a retail galleria. The development is located in one of the most prime and affluent locations in Kuala Lumpur, less than 10km from Petronas Twin Towers. It is well connected by a network of highways and strategically served by two upcoming MRT stations within walking distance to the development.

 

"We are pleased to make our first direct real estate investment in Southeast Asia through this joint venture with one of Malaysia's most well-respected developers, the Pavilion Group," said Jimmy Phua, Managing Director and Head of Real Estate Investments Asia. "This joint venture fits well with our investment strategy as it provides us with a great opportunity to work with a smart partner in a high-quality real estate asset that will provide attractive risk-adjusted returns over the long term."

 

Pavilion is an experienced local developer of commercial and residential projects and is one of the strongest and most well-established Malaysian retail developers. Pavilion has developed several prominent retail malls, office and retail projects in Kuala Lumpur.

 

"We are looking forward to the opportunity to partner with CPPIB in this exciting development in Kuala Lumpur," said Mr Timothy Liew, Project Director of Pavilion Group. "It is a highly anticipated landmark for Damansara Heights, set within Malaysia's most affluent neighbourhood, offering a world-class integrated development that is synonymous with the Pavilion Brand."

[KR81]

Almost did a double take, read the title initially as CP*B!

LOL