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CPPIB buys stake in Australian mall

The Canada Pension Plan Investment Board will spend $473-million for a 50-per-cent stake in an Australian shopping centre.

The Northland Shopping Centre, a 994,000-square-foot regional shopping mall is just outside of Melbourne, is co-owned by Colonial First State Retail Property Trust, a subsidiary of the country's largest money management company.

CPP senior president of real estate investments Graeme Eadie said the purchase gives the fund a presence in a city it isn't currently operating in, and gives the fund more exposure to the "resilient" Australian retail market.

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The shopping centre is the largest in the Melbourne area, was built in 1966 and renovated in 1999. It has a department store, two discount department stores, two supermarkets, 10 major retail outlets, 300 specialty shops and kiosks and a 14-screen movie theatre.

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