The Canada Pension Plan Investment Board (CPPIB) is allocating an additional US$500 million ($543.5 million) to the Goodman North American Partnership (GNAP), a joint venture formed with Goodman Group in 2012.
The CPPIB’s total allocation to GNAP now totals US$900 million, representing a 45% interest in the joint venture, and Goodman’s total allocation is now US$1.1 billion.
GNAP’s investment strategy is to assemble a portfolio of institutional-quality, income-producing modern logistics and warehouse facilities in major U.S. markets.
To date, GNAP has committed to six development projects located in California with a total potential gross leasable area of 6.5 million square feet.
In addition, GNAP is actively pursuing a pipeline of development opportunities in its target markets of California, New Jersey and Pennsylvania with a total potential developable gross leasable area of approximately 8.6 million square feet.
“CPPIB’s additional allocation will further expand our industrial portfolio in North America as well as broaden our long-standing global relationship with Goodman,” says Peter Ballon, managing director and head of real estate investments – Americas. “The U.S. industrial sector remains attractive as demand for logistics and warehouse space has been increasing over the past several years and the U.S. macro environment is showing positive momentum.”
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