CPPIB Initially Commits 200 Million Toward Sharpooji Venture

Following the footsteps of Asian sovereign wealth funds like GIC Private Limited, the Canada Pension Plan Investment Board (CPPIB) is targeting core-like Indian office real estate. To capture the emerging market growth theme, the CPPIB is being advised by Vikram Gandhi, founder of VSG Capital Advisors Pvt. Ltd. Vikram Gandhi and his firm were retained on March 1, 2012, to advise and facilitate long-term investment deals for the CPPIB on India’s massive sub-continent. Gandhi, a Baker Scholar, brushed elbows with the elites on Wall Street including Vikram Pandit during his Morgan Stanley stint.

The CPPIB inked a strategic alliance with the Sharpooji Pallonji Group, an Indian conglomerate that has expertise in real estate, to buy foreign direct investment-compliant, stabilized offices in select metropolitan areas in India. The CPPIB will own 80 percent of the venture – putting in a US$ 200 million equity commitment.

“We are delighted to be partnering with Shapoorji Pallonji to launch our first real estate venture in India focusing on stabilized office properties in major urban centres,” stated in a CPPIB press release by Mark Wiseman, President & and CEO, CPPIB. “India is a key growth market for CPPIB and, as a long-term investor, we believe there are attractive investment opportunities across various sectors. We look forward to working alongside Shapoorji Pallonji, a well-aligned and experienced operator/developer in India.”

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