APG, Canada Pension Plan Investment Board (CPP Investments) and ESR have entered into a strategic agreement to establish a new development joint venture, ESR-KS II, with a total equity allocation of $1 billion, representing an investment capacity to deliver as much as $2 billion of new development projects in South Korea.
Jimmy Phua, head of Asia real estate at CPP Investments, said, “Asia’s consumer sector has been one of our key investment themes. The continued growth of South Korea’s e-commerce market is driving the demand for quality logistics facilities. This new joint venture deepens our longstanding relationship with ESR and APG. It will be key to our growth strategy in the logistics sector globally.”
ESR-KS II is a new development joint venture, which will invest in and develop a best-in-class industrial and warehouse logistics portfolio in the Seoul and Busan metropolitan areas, the two markets with the largest populations and highest consumer spending
