The Canada Pension Plan Investment Board (CPPIB) has increased its real estate portfolio in Brazil, buying into the country’s logistics and retail sectors.

The Toronto-based investor announced BRL1bn (€324m) of commitments a day after Brazil re-elected Dilma Rousseff as president.

The new investments take CPPIB’s portfolio to BRL4.3bn.

Peter Ballon, managing director and head of real estate investments for the Americas, said Brazil remained a key market for CPPIB over the long term.

“We will continue to seek attractive investment opportunities through our existing partnerships with top-tier local partners while we continue to build our local presence in São Paulo,” he said.

CPPIB, which recently opened an office in São Paulo, had worked towards committing additional equity over the past 10 months, he added.

The investor, Ballon said, is focusing on “high-quality” real estate assets.

CPPIB made its first Brazilian investment in 2009.

In addition to logistics and retail, it has also invested in office and residential properties, as well as developments.

Among the latest investments is a 30% stake in Global Logistic Properties, for which CPPIB has paid BRL507m.

The investment gives the plan exposure to a portfolio of 32 modern logistics assets totalling around 960,000sqm and concentrated mainly in São Paulo and Rio de Janeiro.

An additional BRL231m has been committed to CPPIB’s existing joint venture with GLP Brazil Development Partners I.

CPPIB has a 39.6% stake in the venture, which is 40% held by GLP.

The Government of Singapore Investment Corporation (GIC) has a 20.4% stake.

The new capital will be invested in developments.

CPPIB said it had also committed BRL159m for a 25% interest in a new São Paulo logistics development alongside Cyrela Commercial Properties (CCP), a partner since 2009.

Also in São Paulo, CPPIB has paid BRL100m for a 33.3% stake in the Santana Parque shopping centre.

Rousseff’s re-election as president this week has raised questions about prospects for the Brazil economy. Mike Simpson, head of Latin America equities at Baring Asset Management, said more ”market-friendly policies” would be welcomed, along with signs that the country’s government is “less interventionist towards business”.