CPP builds up real estate portfolio with latest JV

The C$554 billion Canada Pension Plan Investment Board and Lennar Corp. subsidiary LMC have formed a joint venture to develop Class-A multifamily residential communities across high-growth U.S. metropolitan areas.

CPP has a 96% share of the $979 million equity in the venture, while LMC will own the remaining 4%. The new apartment homes will be built in high-demand markets and at launch there were five seed assets and access to more than $1.25 billion of pipeline investments, officials said. Those seed assets are in Boston, Miami and Denver totaling 1,371 . . .

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