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Some of the buildings of Sydney skyline are lighted up in pink as part of the Vivid Festival in Sydney May 24, 2012.
Some of the buildings of Sydney skyline are lighted up in pink as part of the Vivid Festival in Sydney May 24, 2012.
(Daniel Munoz/Reuters)

CPPIB closes deal, sells Australian commercial property

The Canada Pension Plan Investment Board has closed a large real estate deal in Australia and says it has already sold four of the properties it acquired, raising funds to reduce its required equity investment in the portfolio.

CPPIB has partnered with Dexus Property Group to buy an Australian property portfolio controlled by the Commonwealth Bank of Australia for about $3.7-billion (Australian) or about $3.8-billion (Canadian). The giant pension fund, which manages the assets of the Canada Pension Plan, said its 50-per-cent equity investment in the deal was $1.9-billion.