CPPIB Takes A 49% Stake In China Shopping Centre
CPPIB and Longfor Properties Co are entering into a second JV to invest in Chongqing West Paradise Walk shopping centre in China, with CPPIB committing C$193M for a 49% stake in the six-level mall (above). This represents CPPIB’s first retail mall investment in Chongqing, one of China’s largest cities. CPPIB and Longfor established their first JV in 2014 with a mixed-use real estate project in Suzhou that included the development of another Paradise Walk mall. As in the previous deal, Pinnacle Real Estate Capital Partners acted as an independent advisor and will have an ongoing role with CPPIB and Longfor.