The Caisse de dépôt et placement du Québec is establishing a new joint venture with Prologis Inc. to pursue opportunities in the European logistics space.
The investment venture will start with nearly $1.6 billion worth of seed assets through a combination of income-generating properties and development sites. Ownership interest of the venture is split 70 per cent for the Caisse and 30 per cent for Prologis. As the operating partner of the platform, Prologis will provide specialized asset management and development expertise.
“Together, we will gain greater exposure to the European logistics sector, strengthen execution, and maximize the performance and scale of our logistics portfolio,” said Rana Ghorayeb, executive vice-president and head of real estate at the Caisse, in a press release.
In other news, the Caisse is supporting a A$1 billion wholesale offer of subordinated hybrid securities from data centre-as-a-service provider Nextdc Ltd. with its own A$1 billion binding commitment.
The funding from the Caisse’s commitment will support the company’s growth funding requirements and strategic initiatives, including the continued development of key data centre assets and the advancement of future capacity expansions, according to a press release.
“This commitment will help underpin Nextdc’s construction program, supporting growing demand for digital infrastructure in Australia and adding to [the] Caisse’s long track record in partnering with high-quality infrastructure operators through their growth phase,” said Emmanuel Jaclot, executive vice-president and head of infrastructure at the Caisse, in a statement.