Transaction|November 14, 2012
Canada Pension Plan Investment Board to expand its logistics real estate portfolio in Brazil
Torys acted as counsel to Canada Pension Plan Investment Board providing Canadian regulatory advice and U.S. tax advice with a team that included John Cameron and Peter Keenan.
On November 14, 2012, Canada Pension Plan Investment Board (CPPIB) announced that it 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.
In the first joint venture, the Development Joint Venture, CPPIB will partner with GLP and the Government of Singapore Investment Corporation (GIC) to acquire a portfolio of five development projects. CPPIB will own a 39.6% interest, GLP and GIC will own 41.3% and 19.1% respectively.
In the second joint venture, the Stabilized Joint Venture, CPPIB will partner with GLP, GIC and the China Investment Corporation (CIC) to acquire a portfolio of 35 logistics assets. CPPIB will own 11.6% of the Stabilized JV, GLP and CIC will each own 34.2% and GIC will hold a 20.0% interest.
CPPIB is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 18 million Canadian contributors and beneficiaries.
Global Logistic Properties (GLP) is one of the world's leading providers of modern logistics facilities. It operates across 36 markets, with a 15.5 million sq. m. portfolio.
Further information can be found on CPPIB's website.
In the first joint venture, the Development Joint Venture, CPPIB will partner with GLP and the Government of Singapore Investment Corporation (GIC) to acquire a portfolio of five development projects. CPPIB will own a 39.6% interest, GLP and GIC will own 41.3% and 19.1% respectively.
In the second joint venture, the Stabilized Joint Venture, CPPIB will partner with GLP, GIC and the China Investment Corporation (CIC) to acquire a portfolio of 35 logistics assets. CPPIB will own 11.6% of the Stabilized JV, GLP and CIC will each own 34.2% and GIC will hold a 20.0% interest.
CPPIB is a professional investment management organization that invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 18 million Canadian contributors and beneficiaries.
Global Logistic Properties (GLP) is one of the world's leading providers of modern logistics facilities. It operates across 36 markets, with a 15.5 million sq. m. portfolio.
Further information can be found on CPPIB's website.