The Canada Pension Plan Investment Board has allocated an additional $500m to the Goodman North American Partnership, bringing the venture’s total commitments to $2bn since its 2012 launch.
The joint venture was formed between CPPIB and global property group and fund manager Goodman Group with the strategy of investing in institutional-quality, modern logistics and warehouse facilities in major US markets.
The latest investment brings CPPIB’s total investment to date to $900m while Goodman has laid down $1.1bn, representing a 55% interest.
So far the partnership has committed to six development projects in California with a total potential gross leasable area of 6.5 million square feet.
In addition, GNAP is actively pursuing a pipeline of development opportunities in its target markets of California, New Jersey and Pennsylvania with a total potential developable gross leasable area of approximately 8.6 million square feet.
The Canada pension board recently agreed to buy a 39 per cent stake in car park manager Interparking from AG Real Estate for €376m.
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