Canada Pension Plan Investment Board (CPPIB) has sold its 45% interest in an apartment joint venture with Essex Property Trust for approximately $1bn (€906m), according to an Essex fourth quarter 2019 earnings report.
CBBIP declined to comment.
The assets in the venture were six existing properties and one land parcel in the San Francisco Bay Area.
One of the assets, the 463-unit Moss Apartments, had been partly sold to Brookfield Asset Management for $311m.
Another assets is the 506-unit The Galloway project in Pleasanton. CPPIB first made a $77m equity investment in the property in 2014.
CPPIB also invested $39m for the development of the 200-unit Phase III of the Epic project in San Jose.
The joint venture with Essex also invested in the first two phases of Epic, which has a total of 769 units over three phases.
Another property is the Connolly Station in Dublin in the East Bay. This complex has a total of 309 units. The rest of the assets are in San Mateo and Walnut Creek.