Two transactions stretch the fund from Australian property lending to US network assets
CPP Investments has taken positions in two separate transactions: a A$300m commitment to Nuveen Real Estate's latest Australian commercial real estate debt strategy, and a joint venture with AT&T Inc. and Global Infrastructure Partners to build wholesale fibre across the United States.
Australian commercial real estate debt
According to Nuveen Real Estate's announcement of the close, the commitment, made through subsidiary CPPIB Credit Investments Inc., forms part of a first close that drew total commitments of more than A$1bn, including co-investment vehicles and transactions.
Singapore-based Temasek committed alongside CPP Investments, and both are re-investing after a partnership with Nuveen Real Estate on the previous vintage, which closed in May 2025 with A$650m in equity commitments and has since committed to A$2bn of gross loan investments.
TIAA, Nuveen's parent company, has invested alongside both firms.
The strategy focuses on structured senior and junior loans to institutional borrowers, secured by prime real estate at modest leverage and protected by financial covenants targeted at maintaining equity buffers.
Preferred sectors are industrial and logistics assets in urban locations and residential, with a selective approach to alternatives, retail and office across major Australian cities.
Dugald Marr, head of APAC debt at Nuveen Real Estate, said the re-investment reflects "a shared conviction" in the firm's Australian commercial real estate core-plus debt strategy.
Marr said the focus remains "repeat institutional borrowers," sectors tied to Australia's population growth and limited supply, and structures aiming to protect investor capital through market cycles.
Raymond Chan, managing director and head of APAC credit at CPP Investments, said the commitment “further enhances our exposure to Australian real estate credit.”
He said local relationships, underwriting, and asset management capabilities matter for long-term performance in the sector.
Nuveen Real Estate's global debt platform manages approximately US$40bn in assets with 63 dedicated debt specialists, supported by an Asia Pacific team of more than 60 professionals.
AT&T fibre joint venture
AT&T will hold 50 percent of the new wholesale fibre venture, with GIP, a part of BlackRock, and CPP Investments collectively holding the other 50 percent.
The transaction is expected to close in the first half of 2027, subject to customary closing conditions and regulatory approvals.
The venture combines Forged Fiber 37, the subsidiary holding the fibre build engine, network assets and operations AT&T acquired from Lumen Technologies in a deal that closed on February 2, with Gigapower, AT&T's existing wholesale fibre joint venture with GIP.
AT&T's announcement described the structure as a capital-light path to expand fibre service in major metro areas across 16 states, including Arizona, Colorado, Florida, Oregon and Washington, supporting its plan to reach more than 60 million fibre locations by the end of 2030.
James Bryce, managing director and head of infrastructure at CPP Investments, said the venture "is well positioned to expand critical connectivity across the United States and to generate long-term investment value for the CPP Fund."
AT&T expects to receive proceeds at closing and intends to use them consistent with its capital allocation priorities, including reaching a net-debt-to-adjusted EBITDA ratio target in the 2.5x range within approximately three years.
