The Canada Pension Plan Investment Board (CPP Investments) has invested 110 billion yen (US$957 million) in a new Japanese logistics property fund launched by Singapore real estate investment firm GLP.
The GLP Japan Development Partners IV primarily focuses on developing logistics facilities in Japan, including large-scale projects in the Greater Tokyo and Greater Osaka areas.
The targeted fundraising is 412 billion yen, CPP Investments says in a statement on October 19, when the fund was launched.
It has raised 311 billion yen thus far from CPP Investments and other institutional investors, including pension and sovereign wealth funds in North America, Asia and the Middle East.
The fund is expected to have more than 1 trillion yen of assets under management when it’s fully deployed.
“The positive outlook for Japan’s logistics sector underpinned by the rapid growth in e-commerce has laid a solid foundation for the success of the new venture,” Gilles Chow, managing director and head of real estate for North Asia at CPP Investments, says in the statement.
The Canadian pension fund was also an investor in GLP’s three previous Japan-focused logistics funds between 2011 and 2018. It says the funds have invested in projects spanning a total of 2.7 million square metres.
CPP Investments manages the assets of around 20 million members of Canada’s largest pension fund. As of June 2021, it had C$519.6 billion ($410.48 billion) of assets.
