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GLP, Canada Pension Plan Board set up $880 mln Japan logistics fund

Published 2016-02-17, 04:58 a/m
© Reuters. GLP, Canada Pension Plan Board set up $880 mln Japan logistics fund
GMG
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GLPL
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TOKYO, Feb 17 (Reuters) - Singapore's Global Logistic
Properties GLPL.SI and Canada Pension Plan Investment Board
(CPPIB) have set up a 100 billion yen ($880 million) fund to
develop modern warehouses in Japan, their second joint venture
in the country.
Growth in e-commerce has helped make warehouses around the
world hot property assets. Helped by debt financing, the fund's
assets are expected to reach $2 billion over three years, GLP
and CPPIB said.
CPPIB, one of the world's leading retirement funds, has been
active in logistics investments in Asia.
In December, it pledged $1 billion in additional funds for a
partnership with Goodman Group Pty Ltd GMG.AX that invests in
Chinese warehouses and logistics facilities. In November, it and
other partners unveiled an investment of up to $1 billion in a
separate venture in South Korea.
GLP and CPPIB set up their first joint fund for Japan in
2011 to invest in logistic facilities. GLP has $8.2 billion
worth of assets under management in Japan.
($1 = 113.4900 yen)

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