Judge's report

Canada Pension Plan Investment Board (CPP Investments) is an outstanding active global investor with patient capital and strong local presence in all major markets through seven offices, which can invest at scale through a partnership approach, accommodate complexity and participate in some of the world´s most significant real estate transactions.

CPP Investments exploits multiple routes to market, including investing directly through a range of joint venture partnership and ownership structures, dedicated platforms, listed real estate and funds.

The fund presents a thoughtful analysis of the macro themes effecting real estate use in Europe, such as the demographics of ageing populations, a growing middle class and smaller households, showcasing how the investments can work with these themes to benefit from natural tailwinds.

There is good commentary on the value of assessing risk to identify the best opportunities on a risk-adjusted basis, and a recognition that harvesting returns through asset sales is a critical portfolio management tool.