Canadian Pension Fund Buys Rio Shopping Center

Canadian Pension Fund Buys Rio Shopping Center

Brazil M&A Canada

Canadian mall operator Ivanhoe Cambridge and Canadian pension fund manager CPP Investment Board have purchased a 46% stake in the Rio de Janeiro mall Botafogo Praia Shopping for a combined BRL136m ($76.5m). Each partner paid Brookfield Brasil Shopping Centers for its share of the overall stake. CPP took a 24.5% stake in the shopping center for CAD40m ($39.4m), and Ivanhoe paid BRL68m to bring its stake to 75.5%, up from 51%. A CPP official declined to comment on the valuation of the transaction

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