TORONTO and KUALA LUMPUR—The Canada Pension Plan Investment Board and Malaysian developer Pavilion Group have formed a joint venture on Pavilion Damansara Heights, a mixed-use development project in Kuala Lumpur, Malaysia's largest city. As part of the JV, CPPIB will commit approximately MYR485 million, or US$130.2 million, for a 49% interest in the development. It's the first direct real estate investment CPPIB has made in Southeast Asia.
Announced earlier this year, Pavilion Damansara Heights will incorporate office towers, luxury apartment buildings and a shopping mall. The development is located in one of the city's most affluent locations, less than six miles from the landmark Petronas Twin Towers. It is well connected by a network of highways and strategically served by two upcoming MRT stations that will be within walking distance of the project.
Jimmy Phua, managing director and head of real estate investments Asia for CPPIB, says the JV “fits well with our investment strategy, as it provides us with a great opportunity to work with a smart partner in a high-quality real estate asset that will provide attractive risk-adjusted returns over the long term.”
Pavilion is among the most well-established Malaysian retail developers. The company has developed several prominent retail malls, office and retail projects in Kuala Lumpur and has also completed projects in China.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.
