Canada Pension Plan teams up with GE Capital on Japan real estate

The Canada Pension Plan Investment Board and GE Capital Real Estate are teaming up in Japan with a joint venture dubbed the Tokyo Office Venture.

The initial investment will be JPY40 billion, or US$403 million, with GE holding a 51% stake.

?This venture will leverage the locally-based origination, underwriting, asset management and leasing teams of GE Japan Corporation, a wholly-owned subsidiary of General Electric Capital Corporation,? the joint venture partners said in a statement.

GE Capital Real Estate has been actively originating and managing real estate properties in Japan since 1998, and has acquired more than US$6.9-billion in office assets.

Graeme Eadie, senior vice-president and head of real estate investments at CPPIB, said in a statement that the investment provides ?an attractive entry point to the Tokyo office sector? and supports the Canadian pension plan?s strategy to expand the real estate portfolio in Asia.

?We look forward to partnering with GECRE, one of the world?s premier real estate lessors with a proven track record in Japan,? Mr. Eadie said.

Fran?ois Trausch, President of GE Capital Real Estate Asia Pacific, said the venture will benefit from the ?global investment reach? of the Canadian pension.

Source: http://business.financialpost.com/2013/05/08/canada-pension-plan-teams-up-with-ge-capital-in-japan/

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