Boston Properties, Canada Pension Plan Investment Board (CPP) and GIC have established a co-investment program for future acquisitions of office properties in the US, an initiative that Boston Properties CEO Owen Thomas first mentioned during the REIT's Q1 earnings call.
The partners intend to acquire and operate office properties in Boston Properties' core markets—Boston, Los Angeles, New York, San Francisco and Washington, DC, as well as Seattle.
The companies are allocating an aggregate of $1 billion of equity to the program, with Boston Properties and CPP Investments contributing $250 million, while GIC is kicking in $500 million. With leverage, the investment capacity will total $2 billion.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
