CPPIB Pays $386M for Stake in German Shopping Center

The Canada Pension Plan Investment Board said Friday that it paid 270 million euros ($386 million) for a 50% stake in CentrO Oberhausen, a German shopping and leisure center. CPPIB is buying the stake from Stadium Group, a private group of companies that specializes in retail properties, Reuters reported. In an unrelated deal, CPPIB also bought a 36.9% in Mayflower partnership, which owns a portfolio of 13 regional malls located in the United States, Reuters said.

(Reuters) – The Canada Pension Plan Investment Board (CPPIB) said on Friday it has acquired a 50 percent stake in a German shopping and leisure center for 270 million euros ($386 million).

CPPIB, one of Canada’s top pension plan administrators, said it bought the stake in CentrO Oberhausen from Stadium Group — a private group of companies that specializes in retail properties.

Stadium will retain its 50 percent interest in CentrO and will continue to manage the shopping center, the two groups said in a joint statement.

Separately, CPPIB said it has acquired a 36.9 percent interest in the Mayflower partnership, which owns a portfolio of 13 regional malls located in the United States.

CPPIB said it bought the stake in Mayflower for $350 million from a group of institutional investors advised by JP Morgan Asset Management.

Simon Property Group (SPG.N), the largest U.S. mall owner, will continue to manage the asset on behalf of the partnership.

Simon holds a 49.1 percent stake in the Mayflower partnership. The remaining 14.1 percent is owned by fund manager Teachers Insurance and Annuity Associated – College Retirement Equities Fund. (Reporting by Euan Rocha)