HONG KONG, Nov 16 (Reuters) - Dutch pension fund manager APG
Asset Management and Canada Pension Plan Investment Board
(CPPIB) signed an agreement to own and develop logistics real
estate in South Korea with warehousing developer e-Shang, with
planned initial investments of $500 million.
The joint venture could double to $1 billion, with e-Shang
investing through its Seoul-based unit Kendall Square Logistics
Properties, the companies said in a statement. e-Shang is
partially backed by private equity firm Warburg Pincus WB.UL .
The JV plans to invest in projects in the metropolitan areas
of Seoul and the port city of Busan, targeting an area of 1.5
million square meters of real estate in total over the next
several years, the statement said.