CPPIB grows presence in Hong Kong logistics real estate with Goodman partnership

TORONTO – The Canada Pension Plan Investment Board is investing $320 million in a partnership with more than a dozen modern logistics properties in Hong Kong.

The Goodman Hong Kong Logistics Partnership, created in 2006, has assets worth about C$4.7 billion including a 50 per cent interest in Goodman Interlink — which is co-owned by CPPIB.

Jimmy Phua, CPPIB’s head of real estate investments in Asia, said in a statement Thursday the pension fund manager wants to increase its exposure to the growing logistics sector.

He added that e-commerce will drive growth in the logistics sector “and Hong Kong is in a prime geographic position to benefit as more players enter the market.”

CPPIB invests funds for the Canada Pension Plan. As of Sept. 30, the CPP Fund had $328.2 billion under management.