CPPIB partners in $627.5 mln buy of Santa Monica Business Park
Canada Pension Plan Investment Board (CPPIB) has partnered with Boston Properties Inc (NYSE: BXP) in a joint venture to buy Santa Monica Business Park, a Santa Monica, California office and retail business park. The 47-acre property was acquired for about US$627.5 million, including US$11.5 million of seller-funded leasing costs. As part of the joint venture, CPPIB will invest US$147.4 million to obtain a 45 percent interest. Hilary Spann, CPPIB managing director and head of Americas real estate investments, said the deal gives the pension fund "immediate scale" in the West Los Angeles office market.
23 July 2018•4 mins read
