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The Globe and Mail

CPPIB takes stake in two Saint Louis malls

Canada Pension Plan Investment Board has entered a joint venture with General Growth Properties Inc. , one of the biggest mall owners in the U.S., to acquire a stake in two Saint Louis, Mo. malls.

Through the joint venture to buy Plaza Frontenac with GGP, which is 38 per cent owned by Toronto-based Brookfield Asset Management, CPPIB will also take a 26 per cent stake in GGP's Saint Louis Galleria mall.

GGP will own 55 per cent of Plaza Frontenac, with CPPIB owning the remaining 45 per cent.

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"This joint venture expands the geographic diversity of CPPIB's U.S. real estate portfolio with the addition of two premier malls," said Peter Ballon, vice-president and head of Americas, real estate investments at CPPIB.

The CPPIB invests money not required to pay benefits under the Canada Pension Plan.

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