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Sign in Sign up for a FREE subscriptionGLP to establish €2b partnership with CPPIB and QuadReal
GLP has partnered with QuadReal Property Group and Canada Pension Plan Investment Board (CPPIB), through its wholly-owned subsidiary CPP Investment Board Europe S.a.r.l., to establish GLP Continental Europe Development Partners I (GLP CDP I).
The partners are contributing €1 billion ($1.1 billion) in equity to GLP CDP I, which will focus on developing modern logistics facilities in Germany, France, Italy, Spain, the Netherlands and Belgium. CPPIB will contribute €450 million ($510 million) of equity to GLP CDP I.
“We expect GLP CDP I to grow quickly in scale and perform well over the long term given rising e-commerce sales and consumer demand for ever-shorter delivery times in Europe,” said Andrea Orlandi, managing director, head of real estate investments – Europe, CPPIB.
GLP CDP I is expected to reach €2 billion ($2.3 billion) of assets under management (AUM) when fully invested. GLP CDP I will help capture significant growth opportunities in Euro