Senior Associate, Listed Real Estate - Equities Analyst

Joining CPP Investments means joining one of the world’s most admired and respected institutional investors to drive a single mandate: to deliver strong, sustainable returns for generations of Canadians. With a long‑term horizon and global reach, we deploy capital at scale across public and private markets. Our size, stability, and disciplined investment philosophy allow us to pursue complex opportunities and build enduring partnerships worldwide. For our people, this means meaningful work with tangible impact, real opportunity, and collaboration with exceptional colleagues who value partnership and performance.

As an Equity Analyst on the Listed Real Estate team, you will conduct rigorous fundamental research and valuation analysis to support a concentrated, long‑only portfolio of high‑conviction investments. Working within a small, collaborative team, you will lead coverage of selected UK and European real estate subsectors, with potential exposure to India and the United States, and translate your research into recommendations that inform portfolio construction and investment decisions.

The Listed Real Estate team manages a concentrated, long‑only strategy built on fundamental research, deep valuation analysis and high‑conviction portfolio construction.

Accountabilities

• Conduct detailed fundamental research and financial modelling to evaluate opportunities across the listed real estate universe.
• Lead coverage of designated regional subsectors, with an initial focus on the UK and Europe and potential coverage of India and the United States.
• Develop company‑level valuations using long‑term cash‑flow forecasts and relative‑value frameworks, identifying price‑to‑value divergences and potential catalysts.
• Monitor industry trends, market dynamics and company‑specific developments to inform investment recommendations.
• Prepare clear, high‑quality investment memoranda and portfolio updates for internal committees.
• Collaborate across Private Real Estate, Active Equities and Listed Real Assets, while supporting portfolio reviews, data analysis and performance attribution.

What You Bring

• Relevant equity research or investment experience, ideally covering publicly listed real estate companies, including REITs and developers, across multiple European sectors.
• Strong financial modelling, accounting and equity valuation capabilities, combined with advanced Excel skills; familiarity with Capital IQ or similar tools is an asset.
• A genuine interest in investing and a disciplined, fundamentals‑driven approach to valuation.
• Intellectual curiosity and the ability to distinguish key investment drivers from market noise.
• Adaptability to a structured investment process and openness to learning and applying the team’s valuation framework.
• Clear analytical and communication skills, with the ability to present and constructively challenge investment ideas.
• A collaborative and humble approach, with a willingness to support shared team outcomes and travel occasionally.

You are motivated to contribute to something larger than yourself, approach complex challenges with rigor, and hold yourself to high standards in a collaborative, performance‑driven environment.

CPP Investments is committed to equitable access to employment and building a workforce that reflects diverse talent and perspectives. If you require accommodation at any stage of the recruitment process, please let us know and we will work with you to meet your needs.

For 25 years, we’ve proudly invested the Canada Pension Plan Fund, helping to secure retirement for more than 22 million Canadians. We invest for the long term — and that includes our people. Here, you’ll work alongside high‑calibre colleagues on meaningful challenges that have real‑world impact. Our purpose drives us, our performance sets us apart, and our people make it possible.

Our Guiding Principles

• Integrity
• Partnership
• High Performance

We invest globally across public and private markets, managing capital on behalf of millions of contributors and beneficiaries. We focus on long‑term value creation and responsible investing, with offices in major financial centres around the world.

What You Can Expect

• Meaningful work with measurable impact.
• Exposure to complex, global challenges.
• Opportunities for learning and growth.
• Competitive total rewards and benefits.
• Comprehensive wellness programs.
• Inclusive and respectful of diverse perspectives.