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CPPIB, Goodman team up on U.S. industrial real estate

Canadian Pension Plan Investment Board

MARK BLINCH/REUTERS

The Canada Pension Plan's investment arm is taking part in a $890-million (U.S.) partnership to develop industrial real estate in the United States.

It's the fund's first direct investment in the sector, that it expects to benefit from a recent lack of new supply and growth in global trade.

Global property developer and manager Goodman Group will invest $490-million for a 55 per cent stake in the joint venture, called the Goodman North America Partnership.

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CPP Investment Board is investing $400-million for a 45 per cent interest.

CPPIB and Goodman have already invested together in Australia, Hong Kong and China.

CPPIB managed about $161.6-billion (Canadian) in funds at the end of March.

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