CPP Investment Board and Osmington Purchase Seventh Canadian Regional Shopping Centre.TORONTO -- The CPP cpp - C preprocessor. Investment Board and Osmington Inc. today announced the purchase of White Oaks Mall White Oaks Mall is a major shopping centre in London, Ontario. It is located at the southwest corner of Wellington Road and Bradley Avenue, just north of Highway 401. History , a dominant regional shopping centre in London, Ontario. The White Oaks Mall is a mature 660,000 square foot shopping centre anchored by Wal-Mart and The Bay and supported by 180 stores. The purchase includes a three building mixed office and retail complex located adjacent to the shopping centre. The total purchase price is approximately $183 million. The purchase of White Oaks Mall is included in the CPP Investment Board's additional commitment of $250 million to the value-added fund co-invested with Osmington. This brings the total commitment to the fund to $450 million. The CPP Investment Board's approach to investing and structuring real estate commitments is to develop relationships with top-performing managers and co-investors in order to build a real estate portfolio of high-quality core properties, such as the White Oaks Mall. "Real Estate is an asset class that helps diversify the CPP Investment Board's total portfolio and increases risk-adjusted expected returns over the long term," says John MacNaughton, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the CPP Investment Board. "Real estate is also attractive because its value tends to rise with inflation and provides a good match for our liabilities." In January 2003, the CPP Investment Board committed to invest along side Osmington in a Canadian-focused real estate co-venture. In addition to the White Oaks Mall, the CPP Investment Board has direct investments in five retail centres in Ontario and one in British Columbia. These are the Centre Mall (Hamilton), Cornwall Square (Cornwall), Eastgate Square (Stoney Creek), Intercity Shopping Centre Intercity Shopping Centre is a shopping mall in Thunder Bay, Ontario. It was one of the first shopping malls in Thunder Bay and is the largest of its kind in Northwestern Ontario, with 456,430 square feet (42404 m) (Thunder Bay), New Sudbury Centre The New Sudbury Centre is the largest shopping mall in Sudbury, Ontario. It has 110 stores and 530,619 square feet of retail space. [1] Major tenants include Sears, Wal-Mart, Urban Planet and Future Shop. (Sudbury) and Pine Centre Mall (Prince George, B.C.). Redcliff Realty Management Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Osmington, will manage the White Oaks Mall. The CPP Investment Board has a long-term allocation to real estate of up to 10 per cent of the portfolio. CPP Investment Board The CPP Investment Board is a Crown corporation created by an Act of Parliament in December 1997. It invests in capital markets the funds not needed by the Canada Pension Plan The Canada Pension Plan (CPP) is a contributory, earnings-related social insurance program. It forms one of the two major components of Canada's public retirement income system, the other component being Old Age Security (OAS). to pay current pensions. Cash flows are currently invested in equities and real estate to balance the cash and bonds owned by the Canada Pension Plan. By increasing the long-term value of funds, the CPP Investment Board will help the Canada Pension Plan to keep its pension promise to Canadians. Based in Toronto, the CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm's length arm's length adj. the description of an agreement made by two parties freely and independently of each other, and without some special relationship, such as being a relative, having another deal on the side or one party having complete control of the other. from governments. Its fiscal year is from April 1 to March 31. For more information about the CPP Investment Board, visit www.cppib.ca. Amounts are in Canadian dollars unless specified. |
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