The Canada Pension Plan Investment Board plans to buy a shopping centre in northern Spain together with a joint venture partner for €162-million (C$226.7-million).
The CPPIB describes the Parque Principado Shopping Centre, Oviedo, as an 800,000-square-foot property in Asturias, northern Spain.
Joint venture partner Intu Properties plc will manage the asset, the CPPIB said in announcing the deal Monday.
"This transaction is an opportunity to acquire a prime regional shopping centre in Spain and is in line with our global retail strategy to invest in high-quality assets which are leaders in their catchment area," said Graeme Eadie, senior vice-president and head of CPPIB's real estate investments.
"Intu is one of the largest and most established shopping centre operators in the U.K. and we look forward to partnering with them on this and future investments," Eadie added.
The CPPIB invests the money not needed by the Canada Pension Plan to pay current benefits.
As of June 30, the CPP Fund totalled $188.9-billion including $20.9-billion in real estate investments.