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CPPIB, Goodman announce US$890-million U.S. industrial real estate deal
TORONTO – The CPP Investment Board is taking part in a US$890-million partnership to develop industrial real estate in the United States.
It’s the fund’s first direct investment in the sector, that it expects to benefit from a recent lack of new supply and growth in global trade.
Global property developer and manager Goodman Group will invest $490 million a 55 per cent stake in the joint venture, called the Goodman North America Partnership.
CPPIB is investing $400 million for a 45 per cent interest.
CPPIB and Goodman have already invested together in Australia, Hong Kong and China.
CPPIB managed about C$161.6 billion in funds at the end of March.
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