Canada Pension Plan Investment Board (CPP Investments) has committed JPY 19 billion (C$205.6 million) in a joint venture with Mitsubishi Estate Co., Ltd (Mitsubishi Estate), to invest in commercial and residential assets in Japan.
The joint venture will be managed by Mitsubishi Jisho Investment Advisors, a wholly-owned subsidiary of Mitsubishi Estate and one of the largest real estate fund managers in Japan with assets under management worth JPY 920.1 billion (C$10 billion).
Established in 1937, Mitsubishi Estate specializes in development, leasing, and management of office buildings, retail, logistics, hotel and residential properties.
“As one of the most established real estate markets in Asia, Japan offers a broad range of investment opportunities across the sector with attractive risk-adjusted returns,” said Gilles Chow, Managing Director, Head of Real Estate North Asia, CPP Investments.
“Mitsubishi Estate is a highly respected partner with deep local real estate development and management experience and will help us to further diversify our real estate portfolio in Japan. The new venture is positioned to deliver long-term value for the Fund’s contributors and beneficiaries.”