CPP Investments forms partnership to invest in Korean hotels

Canada Pension Plan Investment Board has announced a $474-million partnership with Korean asset manager BlueCove Investment to invest in hotels in Seoul, South Korea.

CPP Investments will hold a 95% interest in the venture.

BlueCove, which specializes in investing in hospitality assets, will own the other 5%.

Gilles Chow, head of real estate, Asia Pacific, at CPP Investments says Korea represents a compelling next step in the region, building on its investments in Japan.

To start, the partnership plans to pursue two projects in Seoul’s tourist hubs.

CPP Investments has committed up to $112 million to seed the initial projects.

The Canadian Press

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