GLP launches US$873m joint venture with Canada Pension Plan

To develop logistics infrastructure in Japan.

Singapore-listed Global Logistics Properties has launched a 50:50 joint venture with the Canada Pension Plan Investment Board (CPPIB), to develop logistics facilities in Japan.

The JV, known as GLP Japan Development Venture II (JDV II), has total equity commitments of JPY100 billion (USD 873 million) and is expected to reach US$2 billion over three years.

The Venture’s investment strategy allows it to sell assets to GLP J-REIT, providing higher flexibility and attractive returns. GLP JDV II is expected to commence construction of new developments in 2016.

GLP JDV II is a follow-on venture to GLP Japan Development Venture I, GLP and CPPIB’s first Japan development venture which was launched in September 2011 and expanded twice since.

GLP JDV I has reached 92% of its investment capacity, with US$2.4 billion2 of projects in various stages of development.

GLP and CPPIB continue to see solid customer demand driven by limited supply of modern logistics infrastructure and ongoing supply chain modernization.

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