Goodman Group and Canada Pension Plan Investment Board (CPPIB) are to launch an $890m (£568.7m) North American industrial and logistics partnership.
The Goodman North America Partnership (GNAP) will target investments in logistics and industrial property, and will focus initially on development opportunities.
Goodman chief executive Greg Goodman said: “GNAP further builds on our relationship with CPPIB and reinforces our strategy of matching third-party capital with our development pipeline, enabling us to enter North America in a measured way. We will continue to work closely with our global customers to deliver high-quality logistics and industrial space, consistent with our prudent development approach.”
Peter Ballon, CPPIB’s vice president, real estate investments – Americas, said: “This latest partnership broadens CPPIB’s successful relationship with Goodman, with whom we hold investments in Australia, Hong Kong and China. We believe that this joint venture will provide significant opportunities to invest in prime logistics and industrial locations across key American markets.”
The partnership is CPPIB’s first direct investment in US industrial property.
sophia.furber@estatesgazette.com
