The Canada Pension Plan Investment Board (CPPIB) and Australia’s Goodman Group have increased the equity allocation to their Goodman China Logistics Holding (GCLH) joint venture by US$500 million.
The CPPIB has contributed an additional US$400 million, and Goodman has injected an extra US$100 million into the joint venture, which invests in and develops prime logistics space across mainland China.
Read: CPPIB boosts equity allocation to China partnership
This latest announcement marks the fourth equity increase by the partners since GCLH’s inception in 2009. With this increase, the partners have allocated a combined US$2 billion.
As of Sept. 30, GCLH has invested in 27 logistics projects in 10 Chinese markets, including Shanghai, Beijing, Tianjin, Kunshan, Chengdu, Suzhou and Jiaxing. The portfolio has an occupancy rate of 97%.
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