Canada Pension acquires stake in Australian retail center for $483M

The Canada Pension Plan Investment Board has acquired a 50% stake in a Melbourne shopping center for $483 million. The Northland Shopping Center is the largest retail center in the Australian city's suburbs. The investment board acquired the stake from Gandel Group and is now co-owner with Colonial First State Retail Property Trust, which owns the other 50%. Colonial will continue to manage the property.

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Winnipeg Free Press (Manitoba) (tiered subscription model) · NineMSN (Australia)

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