The Canada Pension Plan Investment Board (CPPIB) has taken a 10.6% stake in a portfolio of US logistics properties.

The pension fund said it paid $350m (€317m) for the holding, putting CPPIB in a joint venture with Singapore-listed Global Logistic Properties Limited (GLP) and three other global institutional investors.

The portfolio of 722 logistics assets includes warehouses, business parks and light industrial assets.

GLP will continue to manage the 115m sqft portfolio, worth $8.1bn and mainly located in large, e-commerce friendly conurbations.

Peter Ballon, managing director and head of real estate investments for the Americas at CPPIB, said: “Our investment in one of the largest and most diverse industrial portfolios in the US enables us to build scale in this sector with high-quality, well-located assets.

“GLP is a well-aligned global partner for CPPIB, and we look forward to continuing to build our relationship.”

The pension fund is also opening an office in India.

CPPIB said it would use the office, in the financial capital of Mumbai, to invest across the Indian subcontinent.

The investor has so far invested in Indian real estate, infrastructure and financial services.

Mark Wiseman, CPPIB president and chief executive, said: “CPPIB has been investing in India since 2010, and we view it as a key growth market that aligns with our strategy of seeking investments in markets we believe will deliver attractive, long-term, risk-adjusted returns.”