CPPIB buys stake in Manhattan property

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CANADA - The Canada Pension Plan Investment Board (CPPIB) has bought a minority stake in the 50-storey McGraw-Hill building in the heart of Manhattan for US$576m, including debt and working capital.

The investment gives the pension fund manager a 45% stake in the skyscraper on 1221 Avenue of the Americas that is part of the Rockefeller Centre complex. The stake was previously owned by SL Gr...

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