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Goodman, CPP Investment Board and APG launch £1bn UK Logistics Partnership

Thursday, October 8, 2015

Goodman Group (Goodman), Canada Pension Plan Investment Board (CPPIB) and APG Asset Management (APG) are pleased to announce the establishment of the Goodman UK Logistics Partnership (Partnership).

Summary:

  • New Partnership brings over £1 billion of investment capacity for high quality UK logistics and industrial development opportunities
  • Initial portfolio comprises two developments in proven logistics locations close to London and Birmingham, for a combined 590,000 sq ft
  • Targeting further high quality logistics and industrial property opportunities across the investment spectrum

With a flexible strategy in place, the Partnership will be able to undertake a wide range of investment styles, including development, value-add and core investment. Each investor will commit £200 million for a 33% interest in the Partnership, providing the vehicle with a combined initial equity commitment of £600 million and an investment capacity in excess of £1 billion.

Goodman Group CEO, Mr. Greg Goodman, said: “We welcome APG and CPPIB into this new partnership, which continues to demonstrate our successful capital partnering approach and the strong support we have from leading global investor groups.”

Andrea Orlandi, Managing Director and Head of Real Estate Investments Europe, CPPIB said “This investment fits well with our long term investment horizon as we expect the demand for high-quality logistics space to continue growing significantly. In addition, this is an excellent opportunity for us to deepen our existing relationships with Goodman and APG, and consolidates Goodman as a truly global real estate partner for CPPIB”.

Robert-Jan Foortse, Head of European Property Investments at APG Asset Management sees partnerships such as this as very suitable for investing in real estate. “Over the years we have worked with Goodman in several other jurisdictions. They are a leading owner, manager and operator of logistic real estate. We are pleased to extend our relationship with Goodman to the UK. We are equally pleased to be working with CPPIB in the Partnership. We believe this Partnership is well-placed to enter the UK market, and we look forward to build up a high quality portfolio of logistics assets for our clients.”