The Canada Pension Plan Investment Board (CPPIB) has signed an agreement to “significantly expand” its logistics real estate portfolio in Brazil through a joint venture partnership alongside Global Logistic Properties (GLP).
The agreement involves the joint acquisition of two logistics portfolios in Brazil. CPPIB’s total commitment will be US$343 million, of which US$200 million will be funded at closing.
“This investment will significantly expand our logistics portfolio in Brazil and represents a rare opportunity to invest in a sizable portfolio of high-quality development and stabilized logistics assets,” said Peter Ballon, head of real estate investments, Americas, with CPPIB. “Our real estate portfolio in Brazil now includes interests in 56 retail, office and logistics properties, including assets currently under development which, when completed, will total more than 35 million square feet of leasable area. We look forward to partnering once again alongside GLP, a well-aligned partner and one of the largest global logistics owners and developers in the world.”