Canada Pension Plan Investment Board (CPPIB) and Shapoorji Pallonji Group have entered into a strategic alliance to form a investment fund for investments in indian real estate sector.
CPPIB will own 80% of the venture with an initial equity commitment of $200 million.
The fund will acquire foreign direct investment (FDI) compliant, stabilized office buildings in the major metropolitan areas of India, stated a release here.
“our first real estate venture in India will focus on stabilized office properties in major urban centres,” said Mark Wiseman, President & CEO, CPPIB. “India is a key growth market for CPPIB and, as a long-term investor, we believe there are attractive investment opportunities across various sectors. We look forward to working alongside Shapoorji Pallonji, a well-aligned and experienced operator/developer in India,” he added.
The venture will be supported locally by the Shapoorji Pallonji Investment Advisors team led by Rajesh Agarwal. CPPIB was advised by Vikram Gandhi, founder of VSG Capital Advisors, and Senior Advisor for investment opportunities in India.
