The CPP Investment Board (CPPIB) has acquired a 40 per cent interest in Scotia Place, a 600,000-sq.-ft. Class A office tower located in downtown Edmonton. Morguard REIT, which previously held a 100 per cent stake in the building, will retain a 20 per cent stake and an investment manager will acquire the remaining 40 per cent interest. The value of CPPIB’s investment will be $64 million. The total value of the property is $160 million.
Currently the CPP Investment Board has interests in six Class A office properties in downtown Edmonton, totaling approximately 2.0 million square feet. The addition of Scotia Place will increase the total to 2.6 million square feet.