Dutch pension fund manager APG Asset Management and Canada Pension Plan Investment Board (CPPIB) signed an agreement to own and develop logistics real estate in South Korea with warehousing developer e-Shang, with planned initial investments of US$500 million.
The joint venture could double to $1 billion, with e-Shang investing through its Seoul-based unit Kendall Square Logistics Properties, the firms said in a statement. e-Shang is partially backed by U.S. private equity firm Warburg Pincus.
The joint venture plans to invest in projects in the metropolitan areas of Seoul and the port city of Busan, targeting an area of 1.5 million square meters of real estate in total over the next several years, the statement said.
(Reporting by Elzio Barreto; Editing by Gopakumar Warrier)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)
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