CPPIB Invests in Dalian Mall Property
Posted on 11/03/2016
The Canada Pension Plan Investment Board (CPPIB) continues its property investment push into Chinese gateway cities. In August 2015, CPPIB formed a joint venture with Malaysia-based Pavilion Group to invest in Pavilion Damansara Heights, a mixed-use development project in an affluent neighborhood in Kuala Lumpur, Malaysia. Pavilion Group is a property developer specializing in large scale retail mixed use developments in city centre locations in Malaysia and China.
The CPPIB is buying a 40% ownership interest in the Pavilion Dalian shopping mall from the Pavilion Group for US$ 162 million. The mall property is located in the downtown Qingniwa area in the city of Dalian. This is the CPPIB’s first retail direct investment in Dalian.
The Pavilion Group is run by its chairman, Desmond Lim Siew Choon. He also is the main shareholder and executive chairman of Malton Berhad, a property development and construction company.
