TORONTO, Aug 9 (Reuters) – Commercial and industrial
property group Goodman and Canada’s CPPIB announced plans to
expand their partnership on Thursday via the launch of a new
logistics and industrial venture called Goodman North America
Partnership (GNAP).
The two firms said GNAP will make targeted investments in
logistics and industrial property in key North American markets.
The total equity investment in the venture will be $890
million, with Goodman putting in 55 percent or $490 million and
the Canadian pension fund manager investing the remaining $400
million.
“This latest partnership broadens CPPIB’s successful
relationship with Goodman, with whom we hold investments in
Australia, Hong Kong and China,” said Peter Ballon, CPPIB’s head
of real estate investments in the Americas.
“We believe that this joint venture will provide significant
opportunities to invest in prime logistics and industrial
locations across key American markets,” he said in a statement.
