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Transactions - NOVEMBER 16, 2015

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CPPIB creates $500m Korean logistics JV with APG, makes $2.9b toll road purchase

by Andrea Waitrovich

Dutch pension asset manager APG Asset Management and the Canada Pension Plan Investment Board have formed a joint venture platform with e-Shang, a logistics developer, owner and operator, and e-Shang’s Seoul-based subsidiary Kendall Square Logistics Properties.

“This investment is a great opportunity for CPPIB to enter the growing and highly sought-after logistics sector in South Korea,” said Jimmy Phua, the investment board’s managing director and head of real estate investments Asia, in a statement. “Developing logistics facilities in a market like Korea — which is supported by increased trading volume and greater domestic consumption — is an attractive use of capital for a long-term investor like CPPIB.”

The joint venture will develop and own a portfolio of institutional-grade, modern logistics real estate assets across South Korea and will initially be capitalized with equity commitments totaling $500 million

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