CPPIB, Goodman re-up in China logistics partnership
Canada Pension Plan Investment Board (CPPIB) and Goodman Group have committed another $1.25 billion to their China logistics joint venture. The JV will also buy nine projects from Goodman with an end build-out value of more than $650 million.
CPPIB will put in $1 billion, with Goodman contributing $250 million. Having established the partnership with $300 million in 2009, the two groups have regularly increased their commitments - with similar percentage allocations - every year since 2012.
They see strong demand in core markets, including in the greater Shanghai and Beijing regions and in certain locations in western China, driven primarily by e-commerce and domestic consumption.
"We continue to see China as a strong investment market for a long-term investor like CPPIB, In particular, the fundamentals of the Chinese logistics and e-commerce sectors which underpin the growth in demand for prime logistics facilities remain compelling," Jimmy Phua, managing director and head of Asia real estate at CPPIB, said in a statement.
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