CPP Investments extends GLP partnership with logistics income fund in Japan

Canada Pension Plan Investment Board (CPP Investments) is participating in the launch of the GLP Japan Income Fund (GLP JIF), the largest private open-end logistics fund in Japan.

The transaction marks an extension of CPP Investments’ partnership with GLP that was first established in 2011 through the formation of GLP Japan Development Fund (GLP JDV I), a 50-50 joint venture that focused on building modern, large-scale logistics facilities in Japan. This joint venture was subsequently expanded multiple times, including the launch of a second Japan development venture in 2016. At the end of August 2020, CPP Investments successfully exited the investment in GLP JDV I, receiving approximately ¥48 billion (C$590 million/$453 million) of net proceeds.

Following the disposition, CPP Investments will re-commit ¥25 billion (C$307 million