Transactions - OCTOBER 8, 2015

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CPPIB JV launches £1b U.K. logistics partnership

by Andrea Waitrovich

Goodman Group, Canada Pension Plan Investment Board and APG Asset Management have formed Goodman U.K. Logistics Partners.

The partnership will invest in high-quality U.K. logistics and industrial development opportunities, with an initial portfolio comprising two developments in proven logistics locations close to London and Birmingham, England, with a combined 590,000 square feet.

The joint venture will target further high quality logistics and industrial property opportunities.

Each investor will commit £200 million ($306 million) for a 33 percent interest in the partnership, providing the vehicle with a combined initial equity commitment of £600 million ($919 million) and an investment capacity in excess of £1 billion ($1.5 billion).

The joint venture follows CPPIP’s U.K. purchase, on behalf of its CPPIB Liberty Living, of five student housing properties in the United Kingdom for approximately

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