Canada Pension Plan Investment Board (CPPIB) and a partner have acquired the Santa Monica Business Park in California in a transaction valued at US$627.5 million.
CPPIB says it will invest US$147.4 million for a 45%
interest in the West Los Angeles business park.
Its joint venture partner in the acquisition is Boston Properties Inc., which will invest US$180.1 million and provide operating, property management and leasing services.
The purchase is also being funded with US$300 million of financing.
CPPIB managing director Hilary Spann said in a statement that the investment provides the Toronto-based pension fund manager with a sizable presence with the West L.A. office market.
She said Santa Monica makes for an attractive market with strong demand driven by technology and media firms in the area.