(Source: The Canadian Press)
The Canada Pension Plan Investment Board intends to feast on prime properties — especially shopping centres and office towers in the United States and Britain — whose prices have crumbled and whose indebted owners face pressure to sell.
And the pension fund manager’s strategy is “sound and appropriate” despite a 14 per cent asset shrinkage in the past fiscal year, president David Denison said late last week.
The board, which invests billions of dollars not immediately needed to cover Canada Pension Plan payouts, reported that the CPP Fund’s assets decreased by $17.2 billion to $105.5 billion in the year ended March 31.
Read Gary Norris’ full article “CPP eyes office towers to counter $17.2b loss” in the Chronicle Herald (May 24, 2009).