The Canada Pension Plan Investment Board is taking part in the launch of the GLP Japan income fund, a private Japanese open-ended logistics fund.

The deal is the latest in the pension fund’s partnership with Global Logistics Properties Ltd., which kicked off in 2011 when the two parties formed a 50-50 joint venture. While the venture has been expanded multiple times over the years, the CPPIB exited at the end of August 2020, receiving about $590 million in new proceeds.

As part of the current deal, the CPPIB is recommitting $307 million of those proceeds to the new fund. At inception, the fund held $3.4 billion under management.

Read: CPPIB invests in Japan

“The transaction marks a significant milestone for CPP Investments’ real estate investment program in Japan,” said Jimmy Phua, managing director and head of real estate investments for Asia at the CPPIB, in a press release. “The strong fundamentals in the Japanese logistics market continue to make this a compelling investment opportunity for long-term investors.

“We are pleased to continue our strategic relationship with GLP, one of our key global real estate partners, while recycling capital for other compelling investment opportunities.”