RTTNews | Jul 14, 2021 08:41AM EDT

08:39 Wednesday, July 14, 2021 (RTTNews.com) - Boston Properties Inc. (BXP), Canada Pension Plan Investment Board and GIC said that they have established a co-investment program for future acquisitions of office properties in the United States.

The companies plan to selectively acquire and operate office properties in BXP's core markets - Boston, Los Angeles, New York, San Francisco and Washington, DC, as well as Seattle.

The companies have targeted an aggregate of $1.0 billion of equity to the program, with BXP and CPP Investments each allocating $250 million and GIC allocating $500 million. The partnership expects to employ leverage allowing for an initial investment capacity of about $2.0 billion.

As per the deal, over the next two years BXP will provide CPP Investments and GIC with exclusive first offers to form joint ventures with BXP to invest in acquisition opportunities that meet the target investment criteria of the program.

Read the original article on RTTNews ( https://www.rttnews.com/3209030/boston-properties-cpp-investments-and-gic-establish-investment-program-for-future-acquisitions.aspx)

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