CPPIB, APG back £1bn Goodman UK logistics partnership
APG Asset Management and the Canada Pension Plan Investment Board (CPPIB) are backing a UK logistics partnership with the Goodman Group.
The Goodman UK Logistics Partnership will invest £1bn (€1.4bn) in logistics and industrial developments.
Value-add, core and developments will be sourced by Goodman for the strategy.
Dutch pension manager APG and CPPIB have each committed £200m, matched by the same amount from Goodman, which has cooperated with CPPIB since a joint investment in China in 2009.
Robert-Jan Foortse, head of European Property Investments at APG Asset Management, said: “This partnership is well-placed to enter the UK market, and we look forward to building up a high-quality portfolio of logistics assets for our clients.”
Andrea Orlandi, managing director and head of real estate investments in Europe at CPPIB, said the investment fit well with its long-term investment horizon.
“We expect the demand for high-quality logistics space to continue growing significantly,” Orlandi said.
“This is an excellent opportunity for us to deepen our existing relationships with Goodman and APG.”
Two developments totalling 590,000 sqft near London and Birmingham have been added to the partnership.
CPPIB last year boosted its US joint venture with Goodman by $500m.