Goodman and Canada’s CPPIB Extend Partnership

Commercial and industrial property group Goodman and Canada’s CPPIB announced plans to expand their partnership on Thursday via the launch of a new logistics and industrial venture called Goodman North America Partnership. The two firms said GNAP will make targeted investments in logistics and industrial property in key North American markets. The total equity investment in the venture will be $890 million, with Goodman putting in 55 percent or $490 million and the Canadian pension fund manager investing the remaining $400 million.

(Reuters) – Commercial and industrial property group Goodman and Canada’s CPPIB announced plans to expand their partnership on Thursday via the launch of a new logistics and industrial venture called Goodman North America Partnership (GNAP).

The two firms said GNAP will make targeted investments in logistics and industrial property in key North American markets.

The total equity investment in the venture will be $890 million, with Goodman putting in 55 percent or $490 million and the Canadian pension fund manager investing the remaining $400 million.

“This latest partnership broadens CPPIB’s successful relationship with Goodman, with whom we hold investments in Australia, Hong Kong and China,” said Peter Ballon, CPPIB’s head of real estate investments in the Americas.

“We believe that this joint venture will provide significant opportunities to invest in prime logistics and industrial locations across key American markets,” he said in a statement.