Canada Pension Plan Buys Another Shopping Mall

The Canada Pension Plan Investment Board paid $482 million for a 50% stake in a shopping mall near Melbourne, Reuters reported Thursday. The Canada Pension Plan will partner with Australia's Colonial First State Retail Property Trust, which owns the remaining 50% stake, to manage the center. This is the third such deal for CPPIB in recent weeks. In mid-May, the board said that it paid $386 million for a 50% stake in a German shopping and leisure center. At the same time, it bought 36.9% of Mayflower partnership, which owns a portfolio of 13 regional malls located in the United States.

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