Canada’s biggest pension fund manager, Caisse de depot et placement du Quebec, is planning to invest up to C$1.6 billion ($1.7 billion; €1.2 billion) in Indian real estate by 2012, according to local press reports. This would mark the pension fund manager’s first foray into the country.
SITQ, the office building unit of Caisse, may have up to 15 percent of its property assets in India by 2012, chief executive Paul Campbell said. It currently owns about C$10.6 billion worth of real estate located in Canada, the US, France, the UK and Germany.
SITQ will work with local partners in the country and most likely focus on cities such as Mumbai and Hyderabad, according to Campbell. The pension fund manager is headquartered in Montreal.
Considerable investment capital has flowed to India in the past few months. Earlier this month, JP Morgan committed $25 million to an IT park development in Navi Mumbai through its $360 million India-focused investment vehicle. The Blackstone Group also announced in August it was investing $150 million in Nagarjuna Construction Company, the third largest construction company in India.