Goodman Group, 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 spanning 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.
Goodman Group 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.
Andrea Orlandi, managing director and head of real estate investments Europe, CPPIB, said: “This investment fits well with our long-term investment horizon as we expect the demand for high-quality logistics space to continue growing significantly.”
Robert-Jan Foortse, head of European property investments at APG Asset Management, added: “We believe this partnership is well-placed to enter the UK market, and we look forward to build up a high-quality portfolio of logistics assets for our clients.”
