August 09, 2012 - 4:16 PM
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.
News from © The Canadian Press, 2012