Canada Pension Plan Investment Board has committed C$1.3 billion to a fourth Japanese logistics partnership with GLP. GLP Japan Development Partners IV, which has raised C$3.6 billion of a C$4.7 billion target, will focus on developing modern logistics facilities in Japan, in particular large-scale projects in the Greater Tokyo and Greater Osaka areas.
TOKYO and TORONTO, Oct. 19, 2021 /CNW/ – Canada Pension Plan Investment Board (CPP Investments) announced today that it has committed JPY 110 billion (C$1.3 billion) to the newly established GLP Japan Development Partners IV (GLP JDP IV), the fourth modern logistics partnership in Japan between CPP Investments and GLP, a leading global investment manager and business builder in logistics.
GLP JDP IV, which has raised JPY 311 billion (C$3.6 billion) so far and is targeting JPY 412 billion (C$4.7 billion) of total equity commitments, will focus on developing modern logistics facilities in Japan, in particular large-scale projects in the Greater Tokyo and Greater Osaka areas. When fully deployed, GLP JDP IV is expected to reach over JPY 1 trillion (C$11.5 billion) in assets under management.
“We are pleased to extend our longstanding partnership with GLP and build on the success of the previous Japan development JVs. The positive outlook for Japan’s logistics sector underpinned by the rapid growth in e-commerce has laid a solid foundation for the success of the new venture,” said Gilles Chow, Managing Director, Head of Real Estate North Asia, CPP Investments. “As a long-term investor, we are confident that working with a trusted and experienced partner such as GLP will generate sustainable returns over time for CPP contributors and beneficiaries.”
Following the inaugural Japan Development Venture in 2011, the two parties have established two subsequent Japan development ventures in 2016 and 2018. The series of GLP Japan-focused logistics programs have delivered in excess of 2.7 million square metres of developments since its inception.
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the fund in the best interest of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At June 30, 2021, the Fund totalled C$519.6 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.