Canada. CPPIB announces $235M investment in GLP Japan logistics fund
On 4 September the Canada Pension Plan Investment Board (CPPIB) confirmed its participation in the launch of a $2.6 billion Japanese logistics fund announced by GLP late last month, marking the latest cooperation between the pension fund manager and Asia’s largest logistics developer.
CPPIB, which has backed GLP ventures in Japan since 2011, is committing JPY 25 billion ($235 million) to GLP Japan Income Fund (GLP JIF), an open-ended core vehicle which GLP and its partners have already seeded with a portfolio of 11 properties in Greater Tokyo and Osaka.
The Canadian fund manager’s commitment to the income earning vehicle follows a series of earlier development joint ventures with GLP in Japan, and comes as competing warehouse platforms rush to build up their own portfolios in the country.
Moving From Development to Core “The transactions mark a significant milestone for CPP Investments’ real estate investment programme in Japan,” said CPPIB’s managing director and head of real estate Investment for Asia Jimmy Phua. “The strong fundamentals in the Japanese logistics market continue to make this a compelling investment opportunity for long-term investors.”
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