(Source: Bloomberg)

Shopping centers becoming available in the U.S. are “crown jewels” rarely put on the market

The Canada Pension Plan Investment Board, the country’s second-biggest public pension manager, said it is looking at “significant” real-estate investments in the U.S., U.K. and Australia as values decline.

Shopping centers coming available in the U.S. are “crown jewels” rarely put on the market, Graeme Eadie, the plan’s senior vice president of real estate, said today on a conference call with reporters.

The pension plan, which managed C$105.5 billion ($94.6 billion) at the end of March, is seeking investments in real estate, infrastructure projects and private debt to generate long-term returns that will fund Canadians’ government pensions. The fund dropped 19 percent in the year ended March 31 because of slumping stock markets as global economies contracted.

“Capital-market distress is creating significant opportunities that will allow us to acquire high-quality assets at what we believe are going to be reasonable prices,” Eadie said.

Read the full article by Kevin Bell “Canada Pension Plan Eyes Real Estate in U.S., U.K.” at Bloomberg.com (May 28, 2009)

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