Canada Pension Plan Investment Board (CPP Investments) is to plough a further US$200m (€160m) into Indonesian logistics real estate, striking a second joint-venture partnership with Asia-Pacific specialist Logos.

The capital will be used to develop modern facilities in Greater Jakarta aimed at third-party logistics, data-centre and industrial tenants.

CPP Investments and Logos first began investing together in Indonesia in 2017 through a US$400m joint venture that also included Canadian institutional investor Ivanhoé Cambridge.

The joint venture now owns Metrolink Logistics Hub, Cikarang Logistics Park, Cibitung Logistics Hub and Cileungsi Distribution Centre.

Logos said it had “identified a strong pipeline of opportunities” for the new joint venture and will look to invest over the next 12 months. The company already manages US$10.2bn of logistics assets across nine Asia-Pacific countries.

“We are seeing growing demand from both multi-national and domestic customers for high-quality logistics space in Indonesia, which is underpinned by the region’s economic drivers of ecommerce, manufacturing and diversification to decentralised supply chains,” said Stephen Hawkins, managing director at Logos.

“We are very pleased to be working with a long-standing partner in CPP Investments to meet this demand and, through both ventures, deliver up to US$1bn of high-quality logistics facilities to this market over the coming years.”

Jimmy Phua, managing director and head of real estate investments for Asia at CPP Investments, said: “One of the key investment themes for CPP Investments has been Asia’s growing middle class and domestic consumption.

“The growth in Indonesia’s e-commerce market has driven the demand for modern logistics facilities. We are pleased to be furthering our partnership with Logos and strengthening our position in Indonesia’s logistics market.”