The Canada Pension Plan Investment Board (CPPIB) is making its first investment in the healthcare real estate sector.

The fund has formed a 45%/55% joint venture with Health Care REIT to hold a portfolio of medical office buildings in Southern California.

The portfolio of eight medical office buildings in Beverly Hills, San Diego and Los Angeles is valued at US$449 million.

Read: CPPIB to lend to U.S. hotel operator

Healthcare real estate represents a growing and compelling subsector within the real estate market, says Peter Ballon, CPPIB’s managing director, head of real estate investments Americas.

“With an aging population and increasing demand for health care, we view the U.S. health care real estate sector as an attractive long-term investment,” he adds.

Toledo, Ohio-based Health Care REIT invests in seniors housing and health care real estate. It owns 1,411 properties in the United States, Canada and the United Kingdom.

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