By applying our comparative advantages – scale, certainty of assets and our long investment horizon – our teams pursue the best opportunities worldwide.
Holdings
Focuses on evolution of the energy industry and growth in the sustainable-energy market, with significant, flexible capital to leverage our combined thought leadership on tomorrow’s energy ecosystem.
Our Investments
Investing in large-scale infrastructure businesses that provide essential services from a significant real asset base.
Our Investments
Investing in commercial real estate through joint ventures with best-in-class operating partners.
Our Investments
Auren
Location: Brazil
Market capitalization: R$14.3B (100%)
CPP Investments ownership: 32%
Date of investment: 2018
Auren Energia is one of Brazil’s largest platforms for renewable energy and energy trading. With a clean and diversified matrix formed by assets located in different regions, its installed capacity is among the largest in the country (3.3GW).
Based in São Paulo, its trading division has a robust customer base, handling more than 2.5 GWavg in 2021, and offering a broad portfolio of products and solutions focused on customers’ needs, guided by continuous investment in market intelligence and digitization.
Calpine
Location: Houston, TX, United States
Investment: US$900 million
Date of investment: 2017
Calpine is one of the largest independent power generators in the United States, with 80 power plants in operation or under construction with the capacity to generate approximately 26,000 megawatts of electricity from geothermal and natural gas resources – enough to power approximately 20 million homes. Calpine’s 13 geothermal geyser assets in northern California are one of the largest sources of renewable energy in the state. Calpine also sells electricity to residential, commercial and industrial customers through the Calpine Solutions and Champion Energy retail platforms.
Civitas Resources
Location: Denver, CO, United States
Market Capitalization: US$5.5 billion (100%)
Date of investment: 2016
Civitas Resources is a Denver-based, publicly listed oil and gas company with assets in the DJ Basin of Colorado. CPP Investments acquired its position in Civitas through a three-way merger of Crestone Peak Resources, a portfolio company since 2016, with publicly listed companies Bonanza Creek and Extraction Oil & Gas in November, 2021.
Cordelio Power
Location: Canada
CPP Investments ownership: 100%
Investment: C$740 million
Date of investment: 2018
Cordelio is a renewable power producer managing over 1,000 MW of renewable generation assets across North America, including 396 MW of wind and solar projects in Ontario (51%-owned by Cordelio) plus a 656 MW (net) wind and solar portfolio stake owned by CPPIB. Cordelio also owns (wholly and through a joint venture) a growth pipeline of over 5,000 MW of wind, solar and storage projects in the western and midwestern US.
Enbridge Inc.
Location: North America and Europe
Investment: C$2.25 billion
Date of investment: 2018
CPPIB acquired 49% of Enbridge’s interest in select North American onshore renewable power assets and two German offshore wind projects. The North American portfolio include 14 long-term fully contracted operating wind and solar assets in four Canadian markets and two operating assets in the U.S. (one wind and one solar), with a combined installed capacity of approximately 1.3 gigawatts. In addition, CPPIB and Enbridge entered into an agreement whereby the two parties will form a 50-50 joint venture to pursue future European offshore wind projects.
Encino Acquisition Partners
Location: Houston, TX, United States
Investment: US$1 billion
Encino Acquisition Partners is an investment vehicle founded by Canada Pension Plan Investment Board and Encino Energy LLC focused on acquiring large, high-quality assets with an established base of production in mature basins across the lower 48 states of the United States. The partnership closed its first transaction in October 2018 with the privately negotiated purchase of Chesapeake Energy’s Ohio Utica assets for US$2.0 billion.
Maple Power
Location: Europe
CPP Investments ownership: 50%
Date of investment: May 2019
Maple Power Ltd is a joint venture between Enbridge Inc. and CPP Investments established in 2019 with the objective of investing in and managing offshore wind projects in France. The projects may be in the early development, late development, construction or operational phase.
Nephin Energy
Location: Ireland
CPP Investments ownership: 100%
Investment: €840 million
Date of investment: November 2018
CPP Investments, through a strategic partnership with Vermilion Energy, led the acquisition of Shell’s 45% interest in the Corrib gas field through a newly established entity, Nephin Energy. Corrib is the largest producing gas field in Ireland. Located approximately 83km off the northwest coast, the field produces natural gas using six subsea wells, tied back via a 20-inch diameter gas pipeline to the onshore Bellanaboy gas terminal. Nephin Energy is now Ireland’s largest domestic producer of natural gas.
Octopus Energy Group
Location: United Kingdom
Investment: US$1 billion
Date of investment: December 2021
Octopus Energy Group is a global energy tech pioneer, launched in 2016 to use technology to unlock a customer focused and affordable green energy revolution.
Ohio Valley Midstream JV
Partner: The Williams Companies, Inc.
Location: Ohio, West Virginia and Pennsylvania, United States
CPP Investments ownership: 35%
Investment: US$1.3 billion
Date of investment: 2019
Ohio Valley Midstream JV includes 100% of both the Utica East Ohio and Ohio Valley Midstream systems, which provide natural gas gathering, processing and fractionation services in Ohio, West Virginia and Pennsylvania.
Williams is a premier provider of large-scale infrastructure connecting U.S. natural gas and natural gas products to growing demand for cleaner fuel and feedstocks. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams owns and operates more than 30,000 miles of pipelines system wide and handles approximately 30 percent of U.S. natural gas.
Pattern Energy
Location: North America
Investment: US$3.2 billion
Date of investment: 2020, 2022, 2023
Pattern Energy is a leading U.S.-based independent renewable energy company with 3.7GW of operating wind and solar projects in North America. Pattern owns, operates and develops renewables assets, selectively pursuing new development across wind, solar, transmission, storage and advanced energy technologies.
Power2X BV
Location: Netherlands
Total investments: €41 million
Date of investment: 2023
Power2X is CPP Investment’s dedicated green molecules platform based in Netherlands, focused on decarbonizing industrial and heavy transport value chains in collaboration with industrial companies around the world.
Redaptive Inc.
Location: Denver, CO
Total investments: US$200 million
Date of investment: 2022
Redaptive is an Energy-as-a-Service provider that funds and installs energy-saving and energy-generating equipment. Redaptive’s programs help many of the world’s most sophisticated organizations reduce energy waste, save money, lower their carbon emissions, and meet their sustainability goals across their entire real estate portfolios.
With Redaptive, customers can overcome capital and contractual barriers to achieve energy-saving benefits quickly, all with real-time data powered by Redaptive’s proprietary Data-as-a-Service metering platform.
Renew Energy Global PLC
Location: India
Investment: US$1.3 billion
Date of investment: 2018, 2022 and 2023
Founded in 2011, ReNew is one of India’s largest renewable energy producers and the 10th largest renewable energy provider by operating capacity in the world.
Renewable Power Capital
Location: Europe
Date of investment: 2020
In 2020, CPP Investments established Renewable Power Capital Limited (RPC), a new renewables platform, to invest in solar, onshore wind and battery storage projects across Europe. The business is a majority-owned, independently-operated portfolio company. RPC announced its first investment in January 2021 to acquire a portfolio of onshore wind projects in Finland. It has since acquired assets in Sweden and the UK, and formed development partnerships in Spain, the UK,and Poland.
Reventus Power Limited
Location: United Kingdom
Reventus Power is CPP Investments’ dedicated global offshore wind platform and is focused on early-stage development investments and strategic partnerships. Reventus Power was founded in 2021 in response to the investment opportunities associated with the global energy transition and to expand CPP Investments’ portfolio of green and transition assets.
Teine Energy
Location: Calgary, AB, Canada
Investment: C$1.3 billion
Date of investment: 2011
Teine Energy is a private company focused on acquiring and developing low cost, repeatable, long reserve life index, high netback oil and gas assets. The portfolio is focused in Saskatchewan, Western Canada.
Voltagrid Technologies
Location: Texas, United States
Date of investment: 2021, 2022 and 2023
Voltagrid provides turnkey power solutions for the pressure pumping industry and for other commercial and industrial (“C&I”) use case.
Wolf Midstream
Location: Calgary, AB, Canada
CPP Investments ownership: Approx. 99%
Investment: C$1.6 billion committed
Date of investment: September 2015
Wolf Midstream is an investment vehicle formed in September 2015 to invest in midstream energy infrastructure assets in Western Canada.
Wolf closed its first asset acquisition in October of 2016 with the purchase of a 50% interest in the Access pipeline at a valuation of $1.4 billion.
In February 2018, Wolf closed its acquisition of MEG Energy Corp.’s 50% ownership interest in Access Pipeline and a 100% ownership interest in the Stonefell Terminal for $1.52 billion plus capital commitments of approximately $90 million. This acquisition makes Wolf the 100% owner and operator of Access and allows management to continue to build a broader midstream business over time.
In October 2018, Wolf commenced construction on the Alberta Carbon Trunk Line (ACTL). The ACTL is a pipeline for the capture and transportation of CO2 to mature oil fields, which will undergo CO2 enhanced oil recovery. The ACTL is expected to underpin an expandable network capable of facilitating other carbon reduction solutions.
407 ETR
Location: Canada
CPP Investments ownership: 50%
Investment: C$7.1 billion
Date of investment: 2010 & 2019
407 ETR is the first all-electronic open-access toll highway in the world. It traverses the Greater Toronto Area (the “GTA”), the largest urban centre in Canada. As part of the integral transportation network of Toronto, 407 ETR currently stretches 108 km from the west to the east of the GTA and directly connects to seven other large freeways – Queen Elizabeth Way (“QEW”), 403, 401, 410, 427, 400 and 404. CPP Investments initially invested in 407 ETR in 2010 and now controls a 50% stake following the acquisition of an additional 10% stake in 2019.
Aéroports de Paris (Groupe ADP)
Location: France
CPP Investments ownership: 5.64%
Date of investment: 2022
Groupe ADP is an international airport operator based in Paris, and owns and manages Parisian international airports Charles de Gaulle Airport, Orly Airport and Le Bourget Airport as well as interests in a network of 25 airports worldwide, which handled 160 million passengers in 2021. The group has committed to carbon neutrality at 23 airports, including its Parisian airports by 2030 and moving towards carbon neutral territory (including access emissions, ground handling emissions, taxiing and aircraft emissions on the ground and cruising of all departing aircraft) by 2050.
Arco Norte
Location: Mexico
Date of investment: 2016
Arco Norte is one of the largest federal toll road concessions in Mexico and has a remaining concession length of c. 50 years. It is a 223-kilometre toll road that bypasses Mexico City connecting the states of Mexico, Puebla, Hidalgo, Tlaxcala and Queretaro, providing a critical link with major trade corridors.
Anglian Water Group Plc
Location: United Kingdom
CPP Investments ownership: 32%
Investment: £600 million
Date of investment: 2006
Anglian Water Group owns 100% of Anglian Water Services, the 4th largest UK water & sewerage business. It supplies 1.2 billion litres of drinking water to 4.4 million customers, addition to wastewater services to 6.1 million customers throughout the east of England.
Associated British Ports
Location: United Kingdom
CPP Investments ownership: 34%
Investment: £1.6 billion
Date of investment: 2015
Associated British Ports is the UK’s leading port operator, with a unique network of 21 ports across England, Scotland and Wales. Ports include Immingham, the UKs busiest port, and Southampton, the nation’s second largest and Europe’s most efficient container port, as well as the UK’s number one for cars and cruise.
Autopista Guadalajara Tepic
Location: Mexico
Date of investment: 2019
Autopista Guadalajara-Tepic is a 309km toll road, connecting Mexico’s central valley with the country’s northwest region, acting as a critical link between the cities of Guadalajara and Tepic for both commercial transport vehicles and tourism-driven light vehicle traffic. The road is composed of 3 segments: (i) 168km connecting Guadalajara (Mexico’s 2nd largest metropolitan area) and Tepic, which has been in operation for more than 20 years, (ii) 111km that bypass the city of Guadalajara, and (iii) 30km that bypass the city of Tepic. The concession has 22 years remaining, with the possibility of an extension of up to 30 additional years.
BAI Communications Australia
Location: Australia
Date of initial investment: 2009
BAI Communications Australia owns and operates essential broadcast and tower infrastructure for the delivery of fully managed broadcast services and telecommunications nationwide.
Boldyn Networks
Location: United Kingdom
Date of initial investment: 2009
Boldyn Networks is a leading global provider of neutral host communications infrastructure to governments, transit authorities, and mobile network operators. BAI is headquartered in London, UK, and operates across the US, UK, Europe and Hong Kong.
Cellnex Telecom S.A.
Location: Spain
Total Investments: €1.5 billion (split between Infrastructure and Active Equities)
CPP Investments ownership: 6.6%
Cellnex Telecom S.A. is the leading independent mobile tower owner and operator in Europe, with a portfolio spanning 12 European countries. As of FY22, the company has over 140k Points of Presence (“PoP”) across 105k sites. CPP Investments has invested €1.5 billion in the company to date, for a 6.6% ownership stake.
E.ON
Location: Germany
Date of investment: 2020
E.ON is Germany’s largest electric utility company operating ~40% of Germany’s grids. It operates regulated electricity and gas distribution networks in Germany, Sweden and in the Central & Eastern Europe region, as well as energy retail and infrastructure-like energy solutions businesses across Europe serving 52 million customers. Following an asset-swap with RWE, E.ON has specialised in regulated networks, which comprise ~80% of earnings, and are vital in facilitating the energy transition.
FCC Servicios Medio Ambiente Holding, S.A.U.
Location: Spain
CPP Investments ownership: 24.99%
Investment: €965 million
Date of investment: 2023
FCC Servicios Medio Ambiente Holding, S.A.U. (“FCC Environment”) is the environmental services division of FCC Group, a diversified conglomerate listed in Spain.
FCC Environment is a leader in the waste management sector, mainly in Iberia, UK, and Central & Eastern Europe, with a growing presence in the US.
Grupo Costanera
Location: Chile
CPP Investments ownership: 49.99%
Investment: C$1.14 billion
Date of investment: 2012
Grupo Costanera is the largest urban toll road owner and operator in Chile with a portfolio of five toll roads in and around the Santiago region. Four of the urban roads (Costanera Norte, Noroiente, AMB, and Vespucio Sur) serve the densely populated Santiago Metropolitan region, where limited transportation alternatives exist. The remaining road, Litoral Central, connects Santiago to the west coast of the country.
IDEAL
Location: Mexico
Investment: 24.8% interest
Date of investment: 2020
IDEAL owns, finances and operates a portfolio of brownfield and greenfield toll road concessions, water treatment plants, multimodal transit terminals and Mexico’s largest electronic toll collection systems operator. IDEAL’s primary business is in the toll road sector where it operates a portfolio of roads strategically distributed to interconnect key urban centers, ports and production hubs across Mexico. In 2020 CPP Investments acquired a 23.7% stake in IDEAL followed by an additional acquisition of a 1.1% stake in 2022.
Iguá Saneamento
Location: Brazil
Total investment: R$2.8 billion
CPP Investments interest: 46.7%
Date of investment: 2021
Iguá Saneamento engages in the operation and management of water and sanitary sewage systems for residential, commercial, industrial, and public sectors in Brazil. Igua is the 3rd largest private water and sewage company in Brazil, serving over 7 million people on 18 different operations. CPP Investments invested in Iguá through two different projects, in March and April 2021, when it acquired 46.7% of the company.
Interise
Location: India
Investment: C$1.1 billion
Date of investment: 2018, 2020, 2021, 2023 & 2024
Interise Trust (formerly known as, IndInfravit Trust) is a privately-listed infrastructure investment trust (InvIT). Interise is the first self-sponsored InvIT with an in-house project management team. Currently, the platform owns seventeen operating road assets (fourteen toll roads and three annuity projects) spanning over 7,400 lane kms across eight states (Rajasthan, Karnataka, Tamil Nadu, Maharashtra, Madhya Pradesh, Andhra Pradesh, Telangana and Bihar) in India. Of the seventeen roads, fifteen are federal roads and two are state roads. CPP Investments initially invested in the platform in 2018 and currently owns a 60.8% stake following the acquisition of Brookfield road assets in 2023. In February 2024, CPP Investments along with our partners, OMERS and ACP, has acquired Interise’s Investment Manager, with CPP Investments acquiring 50% and ACP and OMERS acquiring 25% each.
Nedgia
Location: Spain
CPP Investments (indirect) ownership: 12%
Investment: €900 million
Date of investment: 2018
Nedgia is the largest gas distribution company in Spain, and manages a 53,000 km network that delivers natural gas to over 5.4 million connection points in over 1,100 municipalities. It serves a geographically diversified residential and industrial customer base across Spain, providing its customers with access to a cost-efficient and reliable source of energy. Nedgia also serves an additional 180,000 LPG connection points in 1,659 municipalities and owns and operates a 1,255 km natural gas transmission network.
NetCo
Location: Italy
Total Investments: Up to €2 billion
Date of investment: July 2024
NetCo owns the most advanced and extensive telecom fixed network infrastructure available to operators in Italy, and offers operators wide range of innovative and sustainable solutions that will help accelerate the digitalisation of the country.
NIIF
Location: India
Commitment: US$150 million
Date of investment: 2019
NIIF (National Investment & Infrastructure Fund) is sponsored by the Government of India and conceptualised as a partnership vehicle with long term global investors to back India’s growth. Our investment is in the Master Fund of NIIF. The strategy of the Master Fund is to invest in high quality businesses / assets across different core infrastructure sectors.
National Highways Infra Trust
Location: India
Investment: C$614 million
Date of Investment: 2021 & 2024
NHIT is a privately listed Infrastructure Investment Trust sponsored by National Highways Authority of India (“NHAI”), an autonomous authority responsible for developing and managing national highways across India. NHIT owns 15 operating toll roads spanning more than 1,500 kilometers across nine states in India (Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Uttar Pradesh, Telangana, West Bengal and Assam).
NorthConnex
Location: Australia
CPP Investments ownership: 25%
Investment: A$525 million
Date of investment: 2015
NorthConnex is a nine kilometre twin tunnel which provides a direct connection from north to western and southern roads as part of the wider Sydney, Australia. NorthConnex allows motorists to bypass 21 traffic lights on a congested suburban surface road (Pennant Hills Road), resulting in reduced heavy vehicle traffic and noise in local communities and more efficient movement of state and national freight. The tunnel opened to traffic in October 2020.
Pacific National
Location: Australia
CPP Investments ownership: 33%
Date of investment: 2016
Pacific National is Australia’s largest private rail freight operator, transporting bulk commodities and containerised freight across all mainland States and Territories, and forming an essential part of the nation’s supply chain. Pacific National also plays a critical role in supporting the sustainability of the Australian logistics sector, with rail freight producing up to 16 times less carbon emissions than road, and rail accident costs being up to 14 times lower than road, per tonne kilometre travelled. CPP Investments is the largest shareholder in Pacific National, acquiring a 33% stake as part of the A$12 billion take-private of formerly ASX-listed Asciano Limited in 2016.
PGInvIT
Location: India
Investment: C$153 million
Date of investment: 2021
PGInvIT is a publicly listed Infrastructure Investment Trust (“InvIT”) sponsored by Power Grid Corporation of India (“PGCIL”), one of the largest power transmission company in the world. PGInvIT owns 5 operating electricity transmission projects spread across 5 Indian states. The projects are perpetually owned and earn availability-based revenues under long term contracts.
Ports America Group
Location: United States
CPP Investments ownership: 75%
Date of Investment: 2021
Ports America is the largest marine terminal operator in North America with operations in 70 locations and 33 ports across the United States. The company is a leader in technology driven solutions and covers a wide range of supply chain services including container, RoRo, breakbulk, military, and cruise ship operations.
PT Lintas Marga Sedaya (LMS)
Location: Indonesia
CPP Investments ownership: 45%
Investment: C$550 million
Date of investment: 2019
LMS is the concession holder and operator of the Cikopo-Palimanan (Cipali) toll road. At 117km, the Cipali toll road is one of the longest operational toll roads in Indonesia and a critical link in the transportation network of the island of Java, as part of the Trans Java Toll Road network. It serves as a thoroughfare within West Java, which is Java’s most populous and fastest growing province, and it also connects West Java and suburbs of Jakarta with the rest of Java. CPP Investments’ partner in LMS is PT Astra Tol Nusantara (Astra Infra), a subsidiary of PT Astra International Tbk (IDX:ASII).
Transurban Chesapeake
Location: United States
CPP Investments ownership: 15%
Investment: US$624 million
Date of investment: 2021
Transurban Chesapeake is a toll-road business currently comprising the Interstate Highways 495, 95 and 395 Express Lanes, located in the Greater Washington Area in the United States, and including exclusive access to future development projects alongside Transurban. The 495 Express Lanes (22 kilometres) opened in 2012 and operate on a portion of the Capital Beltway. The 95 Express Lanes (50 kilometres) opened in 2014 and are reversible lanes on Interstate 95 in Northern Virginia. The 395 Express Lanes (13 kilometres) opened in 2019 and are reversible lanes operating on Interstate 395 in Northern Virginia.
Transelec S.A.
Location: Chile
CPP Investments ownership: 27.7%
Investment: US$383 million
Date of investment: 2006
Transelec S.A. is the leading electrical transmission company in Chile, serving more than 98% of the population across two interconnected networks.
Transportadora de Gas del Peru (TgP)
Location: Peru
CPP Investments ownership: 49.9%
Investment: US$1.4 billion
Date of investment: 2013
TgP is the largest transporter of natural gas and natural gas liquids in Peru. TgP’s customers include the largest power generators, natural gas distributors and industrial companies in Peru.
V.Tal
Location: Brazil
CPP Investments (indirect) ownership: 9.8%
Investment: R$2.5 billion
Date of investment: 2022
V.Tal is a digital infrastructure platform that owns and operates the largest fiber network in Brazil, extending over 400,000km across 2,300 cities. The company focuses on the implementation of FTTH (fiber-to-the-home), data center, and other wholesale services, supporting high-speed internet connections and services for residential, business, corporate and government clients through a neutral (white-label) solution, unique in the Brazilian market.
WestConnex
Location: Australia
CPP Investments ownership: 10.5%
Investment: A$1.8 billion
Date of investment: 2018
WestConnex is a 33km toll road network in Sydney, Australia, comprising the M4, M5, and M8 motorways, and the M4-M5 Link Tunnels. This investment forms an integral part of Sydney’s orbital road network, connecting the growing communities and businesses in Western Sydney with key economic areas including the central business district, airport and port. CPP Investments holds a 10.5% interest in the Sydney Transport Partners consortium that acquired 100% of WestConnex from the New South Wales State Government.
Westlink M7
Location: Australia
CPP Investments ownership: 25%
Date of investment: 2010
Westlink M7 is a fully electronic toll road which makes up 40 km of the Sydney, Australia 110 km orbital network and connects three of Sydney’s busiest radial motorways. Westlink M7 opened to traffic mid December 2005. Westlink M7 links major employment, industrial and residential growth areas in Sydney’s north-west, south-west and western regions.
Bullring Shopping Centre
Location: Birmingham, UK
Operating partner: Hammerson
Area: 1.3 million sq.ft.
CPP Investments ownership: 50%
Investment: £280 million
Date of investment: 2013
Located in Birmingham, Bullring is in the U.K.’s top ten retail destinations with over 160 tenants including high-quality fashion and catering brands. Anchored by Selfridges and Debenhams, it is over 98% leased and attracts some 36 million shoppers per year. It continues to attract leading domestic brands and expanding international retailers to Birmingham. Hammerson continues to have responsibility for asset management for the centre.
DEXUS Office Trust Australia
Location: Australia
Area: 5.7 million sq.ft.
Portfolio: 19 office buildings
Operating partner: DEXUS Property Group
CPP Investments ownership: 50%
Investment: A$2.6 billion
Date of investment: 2014
The portfolio consists of 19 high quality, prime-grade office properties located in all key Australian cities but weighted predominantly to Sydney and Melbourne. The portfolio has a diverse tenant base from a broad range of industries including financial and insurance services, information media and telecoms, professionals, mining and Government.
GLP Japan
Location: Japan
Area: Approximately 13 million sq.ft.
Operating partner: GLP
CPP Investments ownership: 50%
Investment: US$1.6 billion
Date of investment: 2016
CPP Investments and GLP’s first venture to invest in modern logistics facilities in Japan was launched in 2011. Since inception, the venture has built one of the best portfolios of modern logistics assets in the country. The facilities feature highly efficient floorplate layouts, earthquake resistant design, security systems, and tenant amenities to service modern space users including e-commerce companies and third party logistics operators. In addition, the venture has developed 12 LEED certified assets (three Platinum and nine Gold) as of October 2023.
At the end of August 2020, CPP Investments successfully exited the first venture and recommitted JPY 25 billion of proceeds into a newly established GLP Japan Income Fund. CPP Investments has committed to three other JVs with GLP in 2016, 2018 and 2021.
Greystar Life Science Venture
Location: United States
CPP Investments ownership: 90%
Operating partner: Greystar
Investment: US$1.1 billion
Date of investment: 2021
CPP Investments and Greystar Real Estate Partners, LLC (Greystar), a global leader in the investment, development, and management of high-quality rental housing properties, have formed a new joint venture to pursue life science real estate development opportunities in target markets in the United States. CPP Investments and Greystar have allocated an initial US$1.2 billion in equity to the joint venture to develop Class-A life science office and lab buildings in leading U.S. life science markets. Greystar will develop and manage the portfolio on behalf of the joint venture. As part of the program, the joint venture has acquired 74M, an office and lab development project located in Somerville, Massachusetts. CPP Investments owns a 90% stake in the project and Greystar owns the remaining 10%.
Interlink
Location: Tsing Yi, Hong Kong
Area: 2.4 million sq.ft.
Operating partner: Goodman Group
CPP Investments ownership: 50%
Investment: HK$1,416.5 million
Date of investment: 2011
Interlink is a high quality industrial facility located in Tsing Yi, an island approximately 10km northwest of Hong Kong Island, and 20km east of the Hong Kong International Airport. The facility is comprised of 14 ramp floors, seven cargo floors, and one office floor at the top level. It is situated in a prime industrial location at the heart of the Hong Kong logistics hub. Hong Kong is Asia’s leading international transport/logistics hub and acts as an important gateway to mainland China, the world’s busiest international air cargo center and the third busiest container port.
IndoSpace Core
Location: India
Area: 14 million sq.ft.
Operating partner: IndoSpace
CPP Investments ownership: 93%
Investment: US$500 million
Date of investment: 2017
CPPIB partnered with India’s largest developer of modern industrial and logistics real estate to create a joint venture that will focus on acquiring and developing modern logistics facilities in India. IndoSpace Core has committed to acquire 13 well-located industrial and logistics parks totalling approximately 14 million square feet, from current IndoSpace development funds. The joint venture will acquire the first nine facilities totalling approximately nine million square feet at closing, and the additional facilities within 24 months. The assets are prime industrial properties located in the top industrial and logistics hubs in India, including Chennai, Pune, Mumbai, Delhi and Bangalore.
Lendlease International Towers
Location: Barangaroo South, Sydney, Australia
Area: 1.93 million sq. ft..
Operating partner: Lend Lease
CPP Investments ownership: 36%
Investment: A$720 million
Date of investment: 2012
International Towers Sydney is our first office development in Australia, located at Barangaroo South, the new waterfront financial district on Sydney Harbour. Canada Pension Plan Investment Board’s investment consists of two commercial towers comprising 42 and 39 levels respectively and provides an aggregate area of commercial and retail space totalling 1.85 million sq. ft. Construction of the first tower (known as Tower 2) was completed in tranches from June 2015, while construction of the second tower (Tower 3) is scheduled for completion in May 2016. Over 77% of the leasable area has been pre-leased to major financial and professional services companies.
International Towers Sydney is part of a larger waterfront urban regeneration project at Barangaroo initiated by the NSW State Government comprising, commercial, residential, hotel, cultural, transport infrastructure and waterfront parks.
Longfor Chengdu Project
Location: China
Operating partner: Longfor Group Holdings Limited
CPPIB ownership: 49%
Investment: C$495 million
Date of investment: 2017
In 2017, CPP Investments committed to a fourth joint venture with Longfor Group Holdings Limited (“Longfor”) to invest in a mixed-use development project in eastern Chengdu, China with 740,000 sq.m. of developable GFA. Upon project completion in end of 2020, CPP Investments will hold a 49% interest in a 140,000 sq.m. regional shopping center, our fourth Paradise walk branded shopping center managed by Longfor and a 49,000 sq.m. rental housing property operated by Longfor’s subsidiary, Guanyu. The project will also develop and sell 440,000 sq.m. of residential and commercial properties, providing a captive catchment for the development. The shopping center opened in December 2019 and CPP Investments currently has a portfolio of four shopping malls that is well diversified covering the key cities of Yangtze River Delta region and Western China.
Milton Park
Location: London, UK
Area: 2.9 million sq. ft.
Operating partner: Hermes Investment Management
Asset Manager: MEPC
CPP Investments ownership: 50%
Investment: £200 million
Date of investment: 2017
Located 45 miles west of London in the Thames Valley region of the U.K., Milton Park accommodates leading global science and technology companies as well as emerging businesses, including a number of spin-off organisations from the nearby University of Oxford. At 250 acres, Milton Park is one of Europe’s largest and most successful integrated business, science and technology parks and home to over 250 organisations employing over 9,000 people.
Milano Innovation District (“MIND”)
Location: Italy
Operating partner: Lendlease
CPP Investments ownership: 50%
Investment: €221 million
Date of investment: 2021
Housed on the former 2015 World Expo site, MIND is set to become a leading innovation district anchored by life sciences and technology. CPP Investments and Lendlease have agreed to invest approximately €400 million of equity as a 50:50 joint venture for the development of the first phase of the project, roughly 150,000 square metres of mixed-use space including office, laboratory, residential, hotel and ground floor public realm activation.
MIND has three key anchors which will play a crucial role in making it a successful project: (i) the Galeazzi Hospital, a private hospital due to be opened by next year, (ii) the Human Technopole, a public research institute already with €1.5B in government funding, and (iii) the University of Milan’s Science Campus, which Lendlease has been awarded the contract to deliver and operate under a public private partnership.
Sustainable design will be a major feature of MIND, in line with Lendlease’s global target to be a 1.5°C aligned company. MIND is planned to be a zero-carbon precinct powered only by renewable energy sources.
Phoenix Mills India Retail
Location: India
Area: 5.0 million sq.ft.
Operating partner: The Phoenix Mills Ltd.
CPP Investments ownership: 49%
Commitment: INR 27 billion
Date of investment: 2017
CPPIB formed the first joint venture alongside Phoenix Mills Ltd. in 2017 to participate in a strategic investment platform, Island Star Mall Developers Pvt. Ltd (ISMDPL), to develop, own and operate retail-led mixed-use developments across India. At JV inception, ISMDPL owned Phoenix MarketCity Bangalore, one of the top performing shopping malls in the country. Opened in 2011, the mall has gross leasable area of approximately one million square feet and is centrally located in Whitefield, a prominent residential hub and amongst the largest commercial areas in Bengaluru. Since JV inception, CPPIB has committed INR 20.7 billion to the JV and JV has acquired three retail led mixed use developments across Bangalore, Pune and Indore.
CPPIB expanded the relationship by establishing second JV in 2021 and partnered with Phoenix Mills for development of a regional shopping centre in Kolkata by committing INR 5.6 billion to the JV. The Indian retail sector is forecast to see sustained growth over the long term, primarily due to favourable demographics and the rise of the middle class. At the same time, international retailers are increasingly attracted to India as a growth market, which is leading to strong demand for space in high-quality, well-located shopping malls.
Richmond-Adelaide Centre
Location: Toronto, Canada
Area: 2.4 million sq.ft.
Operating partner: Oxford Properties Group
CPP Investments ownership: 50%
Investment: $650 million
Date of investment: 2016
Richmond-Adelaide Centre is a high-quality office complex that includes five buildings located in the heart of Toronto’s downtown core and is an integral part of the PATH pedestrian walkway linking to nearby attractions and the public transit system. EY Tower, the newest building addition completed in 2017, was built to LEED Platinum specifications and serves as the corporate headquarters of Ernst and Young, OMERS and TMX.
Richmond-Adelaide Centre was acquired as part of a portfolio of assets in Toronto and Calgary.
SYN
Location: Brazil
Operating partner: Cyrela Commercial Properties
Area: 2.2 million sq.ft.
CPP Investments ownership: 45%
Date of investment: 2017
The portfolio consists of 12 high-quality office properties, predominantly located in São Paulo’s Faria Lima neighborhood, the city’s most prime central business district. The district is served by the Faria Lima subway station and is positioned less than 2 miles away from two other major stations, Pinheiros and Vila Olimpia. The region also offers numerous dining options including high end shopping malls, such as Iguatemi SP and JK Iguatemi. The portfolio is over 95% leased, anchored by top-tier tenants from the technology, financial and legal services industries.
The Unite Group plc
Location: United Kingdom
CPP Investments ownership: 16.66%
Investments: £900 million
Date of investment: 2019
Unite Students is the largest manager and developer of purpose-built student accommodation in the UK, operating over 70,000 beds across the country in the key university towns and cities. As part of the disposal of CPP Investments’ wholly-owned student accommodation platform (Liberty Living) to Unite in 2019, CPP Investments received a portion of the consideration in shares equivalent to ~20% of the combined group’s share capital. CPP Investments also have non-executive board representation.
Westfield Stratford City
Location: London, United Kingdom
Area: 1.9 million sq.ft.
Operating partner: Unibail-Rodamco-Westfield
CPP Investments ownership: 25%
Commitment: £257 million
Date of investment: 2010
The largest urban shopping centre in Europe, Westfield Stratford City shopping centre is located adjacent to the site of the 2012 London Olympics in Stratford, East London. A major retail and entertainment destination, there are 250 shops, over 70 restaurants and bars, a 12 screen all digital state of the art cinema, a 14 lane All Star Lanes bowling, and a casino. This is the largest retail-led, mixed use urban regeneration project ever undertaken in the UK and is one of the last significant development sites in East London.
Major tenants include: John Lewis, Marks & Spencer, Waitrose supermarket.