CPPIB Sold 45% Stake in 1221 Avenue of the Americas to Chinese SWF

On December 23, 2016, the Canada Pension Plan Investment Board (CPPIB) announced that it has sold its 45% ownership interest in a Manhattan 50-storey office property, 1221 Avenue of the Americas (1221), to an Asian sovereign wealth fund for US$ 1.03 billion, with net proceeds to CPPIB of approximately US$ 950 million before closing adjustments. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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