Canada Pension Plan Investment Board Regulations

12 (1) The Board shall not directly or indirectly invest in real property or Canadian resource properties if, at the time the investment is made,

• (a) the book value of the investment in any one parcel of real property or Canadian resource property exceeds 5 per cent of the book value of the Board’s assets;

• (b) the aggregate book value of all investments in Canadian resource properties exceeds 15 per cent of the book value of the Board’s assets; or

• (c) the aggregate book value of all investments in real property and Canadian resource properties exceeds 25 per cent of the book value of the Board’s assets.

(2) Where real property is subdivided into two or more parcels and the beneficial ownership of the real property remains the same, or where a person directly or indirectly acquires two or more parcels for consolidation, the real property shall be treated as one parcel for the purposes of the investment limits set out in subsection (1).