Goodman, Canada Pension Plan Investment Board and APG Asset Management have launched a UK logistics partnership with £1bn of investment capacity.
The Goodman UK Logistics Partnership will be seeded with a £200m commitment from each partner and a pair of industrial assets totalling 590,000 sq ft close to London and Birmingham. With gearing, the vehicle will have investment firepower of £1bn.
It will target prime sheds and logistics development opportunities across the UK.
The formation of the joint venture comes at a time when a flurry of institutional investors are piling money into the logistics market, which provides higher yields than those of retail and offices.
Goodman chief executive Greg Goodman said: “We welcome APG and CPPIB into this new partnership, which continues to demonstrate our successful capital partnering approach and the strong support we have from leading global investor groups.”
Both CPPIB and APG have partnered previously with Goodman on global industrial deals, but it is the first time they have teamed up in the UK sheds sector.
Goodman is also currently seeking a forward-purchase of its Osprey portfolio, which consists of 15 development sites in Germany, France, Poland, Spain, Slovakia and the Czech Republic, with an end value of €472m (£337m).
